UK mortgage lender to offer first 100% loans since 2008 crisis
I think we should say three cheers to the Skipton Building Society for seeing the potential of this product particularly for those hard working individuals who in life have only themselves to rely on to get a start on the property ladder!
A leading lender plans to launch a 100% mortgage aimed at would-be first-time buyers who cannot save for a deposit, the first since the 2008 financial crisis.
Standard home loans where the borrower does not have to put down a deposit used to be fairly commonplace but the last was axed in the wake of the financial crisis.
However, Skipton Building Society is getting ready to launch a mortgage targeting those “trapped in rental cycles” and who do not have access to “the bank of mum and dad,” and so are therefore unable to save up enough for a home deposit.