Overview
- The nationwide launch follows a Stoke-on-Trent pilot, extending access across the UK to first-time buyers.
- Borrowers can access up to £350,000 fixed at 5.79% for five years with no deposit required.
- Eligibility requires a minimum household income of £25,000 and evidence of 12 months of full, on-time rent payments.
- Affordability is linked to current rent, with borrowing capped at roughly 133% of the monthly amount paid to a landlord.
- Mortgage professionals welcome the option for renters yet warn of higher specialist rates, strict recent payment conduct checks, and potential negative equity if prices fall.