Aspiring homeowners without savings or financial support from their family may be able to get onto the housing ladder without paying a deposit with a new mortgage offer.
Skipton Building Society has introduced a new "track record" mortgage available to first-time buyers who have a strong history of paying their rent, but have been unable to save up for a deposit to buy their first home. Tenants aged 21 and over may be able to take out mortgages at between 95% and 100% of the value of the property they have their eye on.
Anyone who hopes to secure the mortgage will need to provide evidence of at least 12 months of rental history, as well as passing affordability and credit checks, and it will be available to those looking to borrow up to £600,000, PA reports. Experts have expressed hope that the deal will help make it more attainable for renters to buy property, although some have pointed out that affordable housing is difficult to find amid the cost of living crisis.
