The deposit-free mortgage has been launched by Skipton Buiding Society and has no need for the financial backing of family or friends. The building society shared that the deal does require a 12-month on-time rental payment and good credit history, but there is no need for a guarantor. Deposit-free mortgage to be launched aimed at rentersPreviously, Skinpston's chief executive Stuart Haire had shared that the new mortgage is in a bid to "help those people trapped in rents". House prices data shows that in February the average price of a UK home was £288,000, costing buyers £14,400 for a deposit at 5%. Although the new mortgage is a step closer to helping renters buy properties, some campaigns think that the lack of affordable homes still remains a key issue.

Source: The Times May 09, 2023 07:50 UTC