A new mortgage has been launched aimed at helping renters get a step onto the property ladder.
The deposit-free mortgage has been launched by Skipton Buiding Society and has no need for the financial backing of family or friends.
The building society shared that the deal does require a 12-month on-time rental payment and good credit history, but there is no need for a guarantor.
Also known as 100 per cent loans, the mortgage style is the first of its kind since the 2008 financial crisis, according to The Times.
Deposit-free mortgage to be launched aimed at renters
Previously, Skinpston's chief executive Stuart Haire had shared that the new mortgage is in a bid to "help those people trapped in rents".
As he told The Times: "We recognise that ultimately if you are going to end up paying more in rent than you would on a mortgage, that feels like a good mortgage loan."
House prices data shows that in February the average price of a UK home was £288,000, costing buyers £14,400 for a deposit at 5%.
Although the new mortgage is a step closer to helping renters buy properties, some campaigns think that the lack of affordable homes still remains a key issue.
As Generation Rent shares a lack of affordable homes makes it very hard for first-time buyers to get a foot on the ladder along with the increasing cost of rent.
The exact details of the deal have not yet been announced by Skipton.
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