What are the pros and cons of ‘no-deposit’ mortgage deals for first-time buyers?

The launch of a new deal from Skipton Building Society has put the spotlight back on 100% mortgages, so could one be right for you? By Vicky Shaw.

‘No-deposit’ mortgages are aimed at helping renters get on the property ladder (Alamy)

First-time buyers have been offered some new lifelines by lenders to make the jump onto the property ladder.

One of them is a zero-deposit mortgage from Skipton Building Society, which is aimed at renters looking to make the transition to homeownership.

The “track record” mortgage is available to those who can show evidence of a minimum of 12 months of rental history, as well as passing credit and affordability checks.