A new mortgage specifically aimed at renters and being offered deposit-free has been launched by a UK building society.
"People trapped in renting is one of the UK’s biggest housing challenges, having a massive impact on the fabric of our society. With escalating rents and the cost-of-living squeeze further impacting people’s ability to save for a house deposit – it’s making it almost impossible for people to get onto the property ladder.
The new five-year fixed-rate mortgage from Skipton Building Society is distinctive from existing products by not requiring a guarantor and is only for people currently renting a property. However, at 5.49% the interest rate is more expensive than the average five-year fix of 5%.
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