Martin Lewis has say on new zero deposit mortgage
manchestereveningnews.co.ukMartin Lewis has weighed up the pros and cons of a new mortgage scheme that might be very attractive for first-time buyers. Skipton Building Society launches its new Track Record Mortgage for renters who are struggling to save up any cash to go towards a deposit for their first home.
To be eligible for the scheme, hopeful borrowers must present 12 months of on-time rent payments as well as a good credit history to be approved for a five-year fixed deal.
The scheme is the first of its kind since 2008 due to many blaming lax affordability checks and high loan to value mortgages contributing to the financial crash.
Weighing in on the scheme, Martin said he has "mixed feelings" about the new product. Read more: Join the FREE Manchester Evening News WhatsApp community Writing on the MoneySavingExpert.com website, he said: "Having campaigned for years to try and help mortgage prisoners locked in at hideous unaffordable rates – the spectre of 100% mortgages returning leaves me with mixed feelings. "Years of property-porn TV shows have spouted the idea that you must buy a house as soon as possible, as big as possible – actually, the real priority is not to over-stretch your finances.
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