Skipton launches deposit free mortgages to help renters onto property ladder - The Evesham Observer

Skipton launches deposit free mortgages to help renters onto property ladder

Evesham Editorial 9th May, 2023   0

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




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