Is this a good thing? Since the 2008 banking crises, the need for a deposit have stopped renters from becoming homeowners as they could not get a mortgage without a deposit. With house prices and the cost of living rising, renters have been unable to pay their rent, keep up with bills and save large amounts for a deposit.

At last this is changing.  At least one lender is now introducing a Track Record mortgage – the first of its kind.

They looks at a renter’s history of making their rent payments, and if they meet affordability criteria, they can obtain a mortgage without a deposit.

This could turn a generation of renters into homeowners.

Key eligibility criteria for a mortgage without a deposit.

Each applicant must be a First Time Buyer Each applicant must be aged 21 or over The same people who are renting now (and have been for the last 12 months) must be the same people on the mortgage Must have proof of having paid rent for at least 12 months’ in a row, within the last 18 months Must also have 12 months experience paying all household bills within the last 18 months Each applicant will have no missed payments on debts / credit commitments in the last 6 months The monthly mortgage payment must be equal to or lower than the average of the last 6 months rental cost The deposit must be less than 5% Maximum loan size £600,000 Not available on New Build flats. For more information on a mortgage without a deposit, contact Colin at: co***@th*************.uk or ring 01273 857 024 or go to Brighton Mortgage Broker – The Finance House