Property News · June 8, 2023

‘It would really help us’: renters who want a 100% mortgage


No-deposit loan presents possible route out of rental trap to those deemed eligibleWhen Skipton, one of Britain’s biggest building societies, launched the UK’s first 100% mortgage exclusively for renters last month, reactions varied wildly. While some commentators regard the first-of-its-kind home loan as a “revolutionary” way to get people out of the rental trap and on to the property ladder, others have likened it to the risky loans that contributed to the 2007-08 financial crash.Skipton’s move appears particularly daring considering its timing: a mere couple of weeks after the mortgage was launched, UK banks and building societies pulled almost 800 residential and buy-to-let mortgage deals in a matter of days, amid growing concerns over future interest rate rises. Continue reading…

Source : theguardian.com
Read more…‘It would really help us’: renters who want a 100% mortgage

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