Renters in the U.K. will be able to borrow up to 100% of the value of a property in a new mortgage scheme introduced by Skipton Building Society.
of up to 125%. Many of the products were then pulled from the market as the country fell into financial crisis.
The offer is only available to first-time buyers, and is subject to affordability and applicants' credit scores, as well as a good track record of rental payments over at least 12 months. Charlotte Harrison, CEO of home financing at Skipton, said people being unable to get onto the property ladder is "having a massive impact on the fabric of our society."
According to research carried out by Skipton, 35% of renters are struggling to save due to increased rental costs.
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