Skipton Building Society has launched a deposit-free first-time buyers mortgage scheme for renters, in an attempt to break the rental cycle and open up access to the property ladder. However, experts warn that it could come with a serious risk of falling into negative equity.
As of today, renters can apply for Skipton Building Society's Track Record Mortgage, where they can borrow up to 100% of a property value with a new 5-year fixed-rate mortgage if they are successful. Skipton is also ensuring that the buyers will not be paying more on a monthly basis than what their current rent is.
