A new type of mortgage has been introduced that will allow first-time buyers to borrow the entire cost of a property without requiring any security deposit. This marks the first time since the 2008 global financial crisis that UK borrowers can avail of a 100% loan-to-value mortgage. Skipton Building Society is the institution behind this innovative mortgage product, which is available to renters with a good credit score and who can demonstrate at least a year of consistent rent payments. To ensure affordability, tenants will only be lent an amount equivalent to their monthly rental payments.

This product aims to help renters break the cycle of renting and reduce their dependence on guarantors and their parents’ financial support.

If you would like more information on mortgages then get in touch today and we will be able to advice you further depending on your current circumstances.