{"id":84348,"date":"2023-05-11T08:36:03","date_gmt":"2023-05-11T07:36:03","guid":{"rendered":"https:\/\/ukcontractormortgages.com\/?p=84348"},"modified":"2023-05-11T08:39:20","modified_gmt":"2023-05-11T07:39:20","slug":"skipton-launches-deposit-free-mortgage-aimed-at-renters","status":"publish","type":"post","link":"https:\/\/ukcontractormortgages.com\/skipton-launches-deposit-free-mortgage-aimed-at-renters\/","title":{"rendered":"Skipton launches deposit-free mortgage aimed at renters"},"content":{"rendered":"\n

A deposit-free mortgage specifically aimed at people currently renting has been launched by a UK building society.<\/strong><\/p>\n\n\n\n

While a handful of other no-deposit deals are available, they all need the financial backing of family or friends.<\/p>\n\n\n\n

Skipton Building Society says while its deal requires 12 months of on-time rental payments and a good credit history, it does not need a guarantor.<\/p>\n\n\n\n

However, at 5.49% the interest rate is more expensive than the average five-year fix of 5%.<\/p>\n\n\n\n

Generation Rent, which campaigns on behalf of private renters, says the shortage of affordable properties within the budget of first-time buyers is still the main stumbling block for those struggling to get on the property ladder.<\/p>\n\n\n\n

Get in touch with us today to speak with the UK\u2019s\u00a0Best Contractor Mortgage Broker<\/a><\/strong>.<\/em><\/p>\n\n\n\n

“It’s not necessarily going to help all the people who are looking to buy a first-time home if there aren’t more houses available to buy,” says Will Barber Taylor from Generation Rent.<\/p>\n\n\n\n

Currently there are 15 other zero-deposit products on the market, according to financial data firm Moneyfacts, accounting for just under 0.3% of the UK market.<\/p>\n\n\n\n

First-time buyers are facing an uphill battle. Rapidly rising rents have made saving for a deposit increasingly difficult, at the same time that the government’s flagship Help to Buy scheme, aimed at helping first-time buyers, is no longer open<\/p>\n\n\n\n

Get in touch with us today to speak with a specialist\u00a0Contractor Mortgage Advisor<\/a><\/strong>.<\/em><\/p>\n\n\n\n

The Skipton, which is the UK’s fourth biggest building society, says it recognised a “gap in the market”.<\/p>\n\n\n\n

Stuart Haire, the society’s chief executive, told the BBC that “until now there has been no solution for them [renters] to buy a property due to a lack of savings or access to family wealth”.<\/p>\n\n\n\n

David is renting with his partner and new baby in North Yorkshire. “It’s getting that deposit together that’s really difficult with rent prices,” admits David.<\/p>\n\n\n\n

“If I can prove I’ve been paying rent for the last 10 years of my life why can’t I have a mortgage.”<\/p>\n\n\n\n

The government’s Help to Buy scheme saw the Treasury lending homebuyers between 5% and 20% of the cost of a newly-built home, and up to 40% in London.<\/p>\n\n\n\n

The scheme closed to new applicants in October 2022, but there are rumours that something along similar lines could be re-introduced.<\/p>\n\n\n\n

But a rise in zero-deposit mortgages may not be welcomed by everyone, as riskier mortgages with a high loan to value were a root cause of the 2008 financial crash.<\/p>\n\n\n\n

Mortgage expert Andrew Montlake says then lenders were just interested in volume rather than quality.<\/p>\n\n\n\n

“The world is very different now,” he says, and adds that his opinion has changed over the past 15 years, as long as the 100% loan value mortgages are “underwritten sensibly”.<\/p>\n\n\n\n

By Colletta Smith & Nicky Hudson<\/p>\n\n\n\n

Source: BBC News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A deposit-free mortgage specifically aimed at people currently renting has been launched by a UK building society. While a handful of other no-deposit deals are available, they all need the financial backing of family or friends. Skipton Building Society says while its deal requires 12 months of on-time rental payments and a good credit history, […]<\/p>\n","protected":false},"author":2,"featured_media":78808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[131],"tags":[2238,1245,556],"acf":[],"aioseo_notices":[],"yoast_head":"\nSkipton launches deposit-free mortgage aimed at renters - UK Contractor Mortgages<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ukcontractormortgages.com\/skipton-launches-deposit-free-mortgage-aimed-at-renters\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Skipton launches deposit-free mortgage aimed at renters\" \/>\n<meta property=\"og:description\" content=\"A deposit-free mortgage specifically aimed at people currently renting has been launched by a UK building society. 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