Skipton Building Society launches deposit-free mortgage aimed at ‘trapped renters’ - here’s how it works

Mr Montlake added: “This new product will not be suitable for everyone, but it will help some of the new generation of home buyers get off the rental treadmill and enjoy the security of owning their own home.”

Simon Bath, CEO and founder of property technology company iPlace Global, said:"The huge increase in inflation - most notably on mortgage interest rates which we saw at the end of 2022 - has had a detrimental effect on a generation of first-time buyers in terms of their ability to get on the property ladder.

"Rapidly rising rents have made saving for a deposit increasingly difficult, at the same time that the government's Help to Buy scheme, which ran for more than ten years and helped more than a quarter of a million first-time buyers, is no longer in operation. The new scheme from Skipton will come as welcomed news for many who feel that support for getting on the property ladder has been lacking in recent years.

"Whilst more support is needed for generation rent, I remain wary that interest levels are higher on this mortgage deal which will make it unaffordable for some. It's also important to remember that we saw a rise in riskier mortgages with a high loan-to-value more than a decade ago which was a root cause of the 2008 financial crash.

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