Skipton Building Society is working on a mortgage offering that it says will help hundreds of thousands of “trapped renters” who cannot bring together a deposit for their first home.
The lender wants to launch home loans to let borrowers work around minimum deposit rules by proving they have met rental payments for a considerable time.
Chief executive Stuart Haire said: “We’re looking at how we can build a product that can help those people trapped in rents. We recognise that ultimately, if you’re going to end up paying more in rent than you would on a mortgage, that feels like a good mortgage loan, particularly if you can prove that [you can meet mortgage bills] over a period of time.”
The building society expects to launch the product within weeks.
The Times (£)
