Martin Lewis gives his verdict on new 100 per cent mortgage scheme

The mortgage was launched after Skipton’s own research revealed that 80 per cent of tenants feel “trapped” in the rental cycle as they pay rents that are higher than a mortgage. But Mr Lewis said this mortgage instead aims to solve the issue of renters not being able to save up enough cash for a deposit.

“Years of property pawn TV shows have spouted the idea that you’ve got to buy a house as soon as possible - it has to be as big as possible, you got to push as hard as possible. Whereas for me the real priority is not to overstretch your finances. “Before the 2007 Financial Crisis, banks would usually chuck money out to anyone walking past their window to get a mortgage. So for me, Skipton’s criteria of requiring a good rental track record to prove someone can make mortgage payments is sensible.

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