Mortgage with no deposit launched in bid to help 'trapped' renters onto property ladder
manchestereveningnews.co.ukA deposit-free mortgage aimed at helping renters get onto the property ladder has been launched. Skipton Building Society said its "industry first" mortgage would help people get out of "trapped rental cycles".
As well as no deposit, The Track Record Mortgage will not require a guarantor either. Instead, tenants who can show they can afford the mortgage and a track record of paying rent can borrow up to 100pc of the value of a property on the five-year fixed rate mortgage.
Skipton has warned it expects high demand and the deal "may sell out quickly", Wales Online reports. READ MORE: The jailed hitman who shot dead Salford Mr Big Paul Massey is stabbed in prison It said there were 4.6million households renting privately across England - more than double the number recorded in 2000.
The building society said its own research showed how eight in ten tenants felt "trapped" in the rental cycle, paying rents that are higher than a mortgage which then prevents them saving a deposit to buy their own home.
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