BSL Financial Services

‘It would really help us’: renters in the UK who want a 100% mortgage

No-deposit loan presents possible route out of rental trap to those deemed eligible

When Skipton, one of Britain’s biggest building societies, launched the UK’s first 100% mortgage exclusively for renters last month, reactions varied wildly. While some commentators regard the first-of-its-kind home loan as a “revolutionary” way to get people out of the rental trap and on to the property ladder, others have likened it to the risky loans that contributed to the 2007-08 financial crash.

Skipton’s move appears particularly daring considering its timing: a mere couple of weeks after the mortgage was launched, UK banks and building societies pulled almost 800 residential and buy-to-let mortgage deals in a matter of days, amid growing concerns over future interest rate rises.

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Please note that all views in posts that are not from the BSL Editorial Team are not opinions of the company and do not represent us in any form. All Non-Editorial articles are intended to be purely informational and should not be treated as fact.

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