The return of the 100% mortgage?
The property ladder has had greased rungs of late, with pretty much anyone under a certain age unable to climb aboard. However, there may well be hope for them as we could be seeing a new version of the 100% mortgage.
First-time buyers can now start thinking about buying a house without fretting about stumping up a deposit, thanks to a shared-ownership scheme.
The Mansfield building society has teamed up with South Yorkshire Housing Association to offer buyers the chance to borrow up to 100% of their share of the purchase price.
You'll start off owning (up to) 60% of the property with the housing association retaining 40% and the buyer paying rent on it. Over time, buyers will be able to increase the share they own.
Of course, it's not ideal, but it will offer a lifeline to those desperate to get their hands on some deeds. Of course, there's no shortage of people who want to get on the property ladder, and should this model be a success then there's a strong possibility that others may well provide their own version.
The mortgage is a five-year fixed-rate at 5.99% with no arrangement fee.