Skipton building society aims products at renters who cannot save enough for a deposit.
According to Rupert Jones from the Guardian, Skipton Building Society are getting ready to launch a mortgage targeting those “trapped in rental cycles” and who do not have access to “the bank of mum and dad” and so are unable to save up for a home deposit.
According to a report in The Times, the new product will be available up to 100% , and the borrowers will need to evidence a history of paying rent comparable to mortgage repayments for up to 2 years, with the deal for more than two years to guard against the risk of falling into negative equity.
