Lender Skipton Building Society is preparing to launch a 100% mortgage with zero deposit aimed at getting people ‘trapped in rental cycles’ onto the property ladder
The firm says it is to get people “trapped in rental cycles” on the property ladder for the first time.
The exact details of the deal are not yet available but according to the Times, the product will be available up to 100% of the value of the property and the deal will be fixed for two years to guard against the risk of falling into negative equity. Most other 100% deals require a family member as a guarantor - meaning they are often only available for the well-off.In April, Stuart Haire, the Skipton group chief executive, said it was developing a mortgage deal “to enable people trapped in rental cycles – where they are prevented from being able to save for a house deposit – to access the property ladder and make a home”.
He added that there were people “who have a decent history of making rental payments over a period of time and can evidence affordability of a mortgage, yet their only barrier to becoming a homeowner is not being able to save enough for a deposit and through lack of access to the bank of mum and dad”.
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