New mortgage scheme now set to help 'trapped renters' back onto property ladder
manchestereveningnews.co.ukA new mortgage scheme has now been launched in an attempt to help 'trapped renters' get back onto the property ladder. Skipton Building Society first launched its deposit-free mortgage deal earlier this year targeted at helping first-time buyers who had not previously owned a home.
But on Monday (August 4) the building society has announced it is widening the applicant pool for its 'track record mortgage' to support homeowners-turned-tenants.
Any renter who has previously owned a home, but not in the past three years, can now borrow up to 100 percent of a property value to help them get back into home-buying.
The scheme could potentially help those who have fallen off the ladder due to unaffordability, or have been forced out of homeownership and into the rental sector due to a divorce or needing to relocate. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. The 'zero-deposit' mortgage deal was previously launched in May and initially aimed at first-time buyers.
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