With the news of Skipton Building Society launching a 100% mortgage, a first for lenders in 15 years, it seems that the humble building society is leading the way in helping would-be homeowners.
“For renters wanting to get onto the property ladder with good credit history and a 12-month track record of meeting rental payments on time, this is potentially welcome news. This new product removes the stumbling block of saving for a deposit and the ever-growing reliance on the Bank of Mum and Dad to facilitate home ownership. We have already taken a number of calls today from interested first-time buyers.
“Whilst the launch of this product has been much-anticipated, even those with larger incomes could still struggle to purchase the homes they desire due to the restrictions in the product’s lending criteria, the wider high-interest rate environment and high house prices in many areas of the UK.”