Skipton Building Society says there is a 'clear gap in the market' for people who have a history of renting so can prove they can afford monthly mortgage payments. It will be the first 100% mortgage in the UK since the financial crash.
A deposit-free mortgage is being launched to enable first time buyers to borrow all the cost of a property without any security.
Skipton Building Society is offering the mortgage to renters who can demonstrate at least a year of paying rent and have a good credit score. The product aims to help renters break out of"renting cycles" and reduce dependence on guarantors and the so-called bank of mum and dad.
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