The new scheme for first-time buyers launched this week
The mortgage was launched after Skipton’s own research revealed that 80 per cent of tenants feel “trapped” in the rental cycle as they pay rents that are higher than a mortgage. But Mr Lewis said this mortgage instead aims to solve the issue of renters not being able to save up enough cash for a deposit.
“Years of property pawn TV shows have spouted the idea that you’ve got to buy a house as soon as possible - it has to be as big as possible, you got to push as hard as possible. Whereas for me the real priority is not to overstretch your finances. “Before the 2007 Financial Crisis, banks would usually chuck money out to anyone walking past their window to get a mortgage. So for me, Skipton’s criteria of requiring a good rental track record to prove someone can make mortgage payments is sensible.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Will deposit-free mortgages help renters get on the property ladder?The no deposit deal is intended to fill a gap in the market for people who have struggled to buy a property due to a lack of savings or access to family wealth.
Read more »
Will deposit-free mortgages help renters get on the property ladder?Instead of a deposit, the deal will require proof of at least 12 months of rental payments and a good credit history.
Read more »
Martin Lewis has say on new zero deposit mortgageThe Moneysaving expert has weighed up the pros and cons of the new attractive scheme
Read more »
Martin Lewis urges 750,000 families to check for £2,000 annual Child BenefitThe consumer champion also warned parents could be missing out on a vital State Pension boost when they retire.
Read more »
Martin Lewis warns savers to check rate to avoid being ripped offYou may be able to get four times the amount of interest with a different bank
Read more »
Martin Lewis warns how much monthly mortgage payments will go upThe Bank of England's interest rate announcement will have a direct effect on monthly mortgage payments
Read more »