How does a zero-deposit mortgage work and is it a good idea?

Skipton Building Society reintroducing deposit free mortgages for first time buyers

The lenders behind a new mortgage hope to turn renters into homeowners by offering deals without deposits.

Skipton Building Society has announced a zero-deposit mortgage, specifically targeted at renters looking to buy their first home.

The group’s chief executive of home financing, Charlotte Harrison, said the mortgage “has been carefully created with the challenges generation rent is facing in mind, together with the potential risks and challenges they may encounter in the future too.”

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Image Credit: ITV News

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