Skipton Building Society is planning to launch a new style of deposit-free mortgage that would enable first-time buyers to get on the property ladder by simply providing evidence that they have consistently made their rental payments on time.
First-time buyers are generally required to have a minimum deposit of 5% or 10% when they want to buy a property but find themselves in a frustrating catch-22: paying expensive rent - often more expensive than a monthly mortgage repayment - which leaves them unable to save the significant amounts needed for a house deposit and other associated costs.
