A new mortgage scheme has now been launched in an attempt to help 'trapped renters' get back onto the property ladder. Skipton Building Society first launched its deposit-free mortgage deal earlier this year targeted at helping first-time buyers who had not previously owned a home.
But on Monday (August 4) the building society has announced it is widening the applicant pool for its 'track record mortgage' to support homeowners-turned-tenants.
Any renter who has previously owned a home, but not in the past three years, can now borrow up to 100 percent of a property value to help them get back into home-buying.
The scheme could potentially help those who have fallen off the ladder due to unaffordability, or have been forced out of homeownership and into the rental sector due to a divorce or needing to relocate. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. The 'zero-deposit' mortgage deal was previously launched in May and initially aimed at first-time buyers.
Read more on manchestereveningnews.co.uk