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9 May 2023. Renters struggling to save for a deposit can now get a 100% mortgage from Skipton Building Society. It's the first no-deposit deal – that doesn't require a guarantor's backing – to launch in the UK since 2008, and founder Martin Lewis says it could be a "sensible" option for some. A deposit-free mortgage specifically aimed at people currently renting has been launched by a UK building society. While a handful of other no-deposit deals are available, they all need the Skipton’s deposit-free mortgage. Skipton’s new loan would allow borrowers to bypass standard deposit requirements by using their rental payment history. Property buyers usually need to pay a deposit of at least 5% of the purchase price when taking out a mortgage. <br/><br/>A new deal by Skipton Building Society offers renters the chance of a mortgage with no deposit needed. The BBC headed to the North Yorkshire market town which the building society calls home to Skipton’s deposit-free mortgage. Skipton’s Track Record mortgage allows borrowers to bypass standard deposit requirements by using their rental payment history. Skipton building society is offering new homebuyers the chance to buy a property with no deposit, offering a five-year fixed-rate product at 5.49 per cent over a maximum term of 35 years. <br/><br/>The launch this week of a deposit-free mortgage from Skipton Building Society has created something of a buzz – and for good reason. High house prices and cost-of-living pressures mean saving for a mortgage can be challenging to say the least. <br/><br/>Skipton Building Society is planning to launch a new style of deposit-free mortgage that would enable first-time buyers to get on the property ladder by simply providing evidence that they have consistently made their rental payments on time. First-time buyers are generally required to have a minimum deposit of 5% or 10% when they want to buy a Skipton Building Society says while its deal requires 12 months of on-time rental payments and a good credit history, it does not need a guarantor. However, at 5.49% the interest rate is more Skipton's 100% mortgage is a five-year fixed mortgage and works similarly to other fixed mortgage deals on the wider market, in that you are charged the same interest rate for a five-year period. The main difference is that Skipton's new deal doesn't require a deposit. alo



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