Skipton building society is planning to introduce a 100% mortgage which will help first-time homebuyers who are finding it difficult to save for a deposit. This 100% mortgage will be the first offered since the 2008 financial crisis. 

Borrowers will be required to provide their rental history and it must be equivalent to mortgage repayments for up to two years. This mortgage would be different from other products currently available which allow prospective buyers to borrow up to 100% of the purchase price but enable family members to support the buyer (meaning that only wealthy families can benefit from this option).  

The exact date in which this 100% loan will be launched has not been announced yet, but it is believed that it will be launched in the upcoming weeks.  

This loan would support many during the cost-of-living crisis as house prices continuously increase making it more difficult for people to save up a sufficient deposit. 

Affordability tests are often conducted by mortgage lenders before lending out anything. It would be useful for first-time homebuyers to provide their rental history to boost affordability. 

The information in this post is valid to the best of our knowledge on the date of posting. It is advised that you seek independent advice based on your individual circumstances. 

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