A UK mortgage lender has become the first in the UK to launch a new 100% mortgage scheme aimed at first time buyers and renters.
As the cost of living crisis sadly continues to make its impact felt in every area of society, with renters and first time buyers facing a constant uphill battle to get on the property ladder, Skipton Building Society has launched a new deposit-free mortgage scheme.
Skipton says it “recognised a gap in the market”, and its new offering is therefore mostly aimed at those “trapped in rental cycles”.
While it’s true that there is a handful of other deposit-free mortgage deals available at the moment, they all need the financial backing of family or friends, the BBC reports, which means they are often only an option for those from well-off backgrounds, whereas Skipton’s new scheme is also available to those who don’t have access to “the bank of mum and dad”.
The new offer requires proof of 12 months of on-time rental payments and a good credit history / Credit: Unsplash
Available up to 100%, the new product does require 12 months of on-time rental payments and a good credit history, but those applying do not need a guarantor.
The interest rate is at 5.49% though, which is more expensive than the average five-year fix of 5%.
Data issued by Halifax earlier this year found that the average deposit amount put down by first time buyers in 2022 was £62,470, which is up 8% on 2021.
The last UK lender offering standard 100% mortgages where no deposit was required withdrew from the market 15 years ago – which means Skipton’s new deal is the first available since the 2008 financial crisis.
Image – Roger Kidd (via Geograph)
Understood to be launching anywhere within the next couple of days or weeks, precise details of how the deal will work are yet to be revealed.
Skipton’s new deal comes after the government’s Help to Buy scheme officially closed to new applicants back in October 2022.
It’s expected that the new scheme may not be welcomed by everyone though, and could be met with some criticism, as zero-deposit mortgages and riskier mortgages with a high loan-to-value were believed to be one of the root causes of the 2008 financial crash.
Rachel Woolford, the winner of the BBC’s ‘The Apprentice’, has revealed plans to launch her first joint business with Lord Sugar.
The exciting new business venture will see Leeds local Rachel expand her hugely successful fitness space, North Studio, to offer a dedicated Reformer Pilates studio - right next door.
Lord Sugar has partnered with Rachel to purchase the commercial premises which will be part of the expansion of the existing Leeds studio and will add to North Studio’s Pilates offering with an extra 120 classes a month.
Image: Supplied
Former business management student turned fitness entrepreneur Rachel beat pie shop owner, Phil Turner, in the recent final of the The Apprentice with both pitching to Lord Sugar to win £250,000 and go into business with him.
Speaking about the investment Lord Sugar said: "Our acquisition of the commercial premises marks not only a significant milestone for North Studio but also a bold step forward in our new business partnership.
"This project brings an expansion of the existing North Studio offering is a direct response to the growing demand in the fitness industry for Reformer Pilates”.
Image: Supplied
Speaking on the expansion Rachel said: “At North Studio, we're all about delivering the highest quality, small group personalised fitness experiences. With investment from Lord Sugar, we are now able to achieve the next stage in our planned growth with the addition of a fantastic new space dedicated to Reformer Pilates that is still in keeping with our boutique studio vibe.
“I am extremely excited to start this new chapter in partnership with Lord Sugar and the team is working hard to bring the new studio to life ready to welcome clients.”
For more information about North Studio, check out their website.
Popular LGBTQ-friendly Leeds coffee shop put up for sale with an asking price of £45,000
Clementine Hall
Flamingos Coffee House in Leeds' Central Arcade on Briggate has recently been put up for sale.
Providing a safe and welcoming space for everyone in the LGBTQ community, Flamingos Coffee House is a well known spot amongst locals.
Serving up delicious cakes, sandwiches and hot drinks, it's also known for their numerous events held during the week such as open mic nights, student Sundays and loads more.
Constantly raising money for LGBTQ charities, it's a real asset to the city.
Image: The Hoot Leeds
Flamingos has recently gone up for sale, with an asking price of £44,950.
The ad listing states: "Ernest Wilson are delighted to bring to market this immaculately presented city centre coffee shop. Our client has operated this business since 2023, during which time the premises have undergone an extensive refurbishment throughout and really must be seen to be appreciated.
"The business trades in easy hours over six days, opening at 10.30am daily – wonderful scope for enthusiastic new owners to consider opening earlier to develop the breakfast trade and boost turnover.
Image: The Hoot Leeds
"The premises occupy a prime trading position within a busy shopping arcade in the heart of Leeds City Centre with thousands of people passing daily. The premises are held on secure lease and comprise glass fronted coffee shop providing 26 covers in comfort."
This coffee shop is a real asset to the city and we hope it gains a wonderful new owner to maintain Flamingos in all its glory.
Emily Sergeant -
9th May 2023 
