Skipton Building Society launches 100% mortgage - no deposit required for renters.
Are you a renter who dreams of becoming a homeowner but can't seem to save up for a deposit
You're in luck because Skipton Building Society has just launched a 100% mortgage to help you get onto the property ladder without having to worry about putting down a deposit.
And it's not just for the lucky few! The Track Record Mortgage is open to all first-time buyers who are renting, allowing them to borrow from 95 to 100% LTV for a five-year fixed
. With a 5.49% rate, this deal is designed to make it easier for renters to own their own home, with a maximum term of 35 years.
According to Charlotte Harrison of Skipton, many people are trapped in renting, making it almost impossible for them to get onto the property ladder. With escalating rents and the cost of living on the rise, it's becoming increasingly difficult for people to save for a deposit. But don't worry, Skipton's got your back!
To qualify, all first-time buyers need to pass the lender's affordability criteria, show a credit score, and evidence of a minimum of a 12-month good track record rental history. That's it! No need for a guarantor, family or friends.
Daniel Campbell from www.morefinacial.co.uk says: "While the new deposit-free 100% mortgage offered by Skipton Building Society may not be the ultimate solution to all the challenges faced by first-time buyers, it does provide a practical and realistic approach to homeownership.
The borrowing amount may have affordability limitations that may not meet the required purchase price, but it recognizes that many tenants have established a responsible track record of managing their housing costs.
Of course, there may be concerns about the potential risk of negative equity with no deposit, but this is a long-term product that can help accelerate the transition from renting to owning a home, making it a promising new option for aspiring homeowners."
So why wait? Say goodbye to renting and hello to your dream home. With Skipton's deposit-free mortgage, you'll be on your way to becoming a homeowner in no time!