On paper, this sounds like a good idea. But in reality, such schemes are creative ways of getting people into more debt.
The idea is that the track record mortgage product will enable people to purchase a share of their home, usually between 25 and 75 per cent, with no deposit.
Relaxing affordability by extending the length of mortgages, to 40 years in the case of Skipton’s new product, or offering to lend based on a rent payment record instead of a deposit is one solution. It will certainly expand the availability of lending.they have seen more than £122m in applications from renters across Britain.Very few lenders in the UK currently offer a 100 per cent mortgage with no deposit. So the idea will undoubtedly be a popular concept.
Tomorrow, the final report of the public Grenfell Inquiry will be published at 11am. We will bring you the most important takeaways.
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