No deposit mortgage scheme

Skipton Building Society has launched a new scheme aimed at helping renters and first-time homebuyers get on the property ladder. The scheme will enable people over 21 to take out mortgages at between 95% to 100% of the value of the property they want to buy. In return they will need to demonstrate a strong track record of paying their rent, with evidence of a minimum of 12 months of rental history. The should help aspiring homeowners get off the rental treadmill without relying on the bank of Mum and Dad. 

Charlotte Harrison, chief executive of home financing at Skipton, said: “We need to tackle the UK’s housing affordability crisis to enable more people, especially renters who are trapped in renting cycles, to buy their first home.

“People trapped in renting is one of the UK’s biggest housing challenges, having a massive impact on the fabric of our society. With escalating rents and the cost-of-living squeeze further impacting people’s ability to save for a house deposit, it’s making it almost impossible for people get on to the property ladder.”

She added: “It is time for a rethink on these massive barriers to home ownership.”