Skipton Building Society has launched a 100% mortgage for tenants which will enable them to get onto the property ladder without a deposit.
The five year fixed deal comes with a 5.49 per cent rate and a maximum term of 35 years. Buyers will be able to borrow up to 4.49 times their income up to a maximum total loan of £600,000.
The mortgage is open to all first-time buyers who currently rent and pass the lender's affordability criteria, allowing them to to borrow up to 100 per cent of the value of the property.