A DEPOSIT-free mortgage specifically aimed at people currently renting has been launched by a UK building society.
While a handful of other no-deposit deals are available, they all need the financial backing of family or friends.
Skipton Building Society says while its deal requires 12 months of on-time rental payments and a good credit history, it does not need a guarantor.
However, at 5.49 per cent the interest rate is more expensive than the average five-year fix of five per cent.
Currently there are 15 other zero-deposit products on the market, according to financial data firm Moneyfacts, accounting for just under 0.3 per cent of the UK market.
First-time buyers are facing an uphill battle. Rapidly rising rents have made saving for a deposit increasingly difficult, at the same time that the government’s flagship Help to Buy scheme, aimed at helping first-time buyers, is no longer open
