Connells Group parent firm to offer renters deposit-free mortgages

A new mortgage aimed at ‘trapped’ renters who cannot afford a deposit, is being developed by a leading Building Society.

Skipton, which owns estate agency giant Connells and Countrywide, wants to help first time buyers who can show they have paid their rent on time.

The building society’s new chief executive Stuart Haire (main picture) told The Times a new mortgage product that doesn’t require a deposit would be launched.

“We’re looking at how we can build a product that can help those people trapped in rents,” Haire says.

“We recognise that ultimately, if you’re going to end up paying more in rent than you would on a mortgage, that feels like a good mortgage loan, particularly if you can prove that [you can meet mortgage bills] over a period of time.”

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Previously, he told the Daily Mail’s This is Money website: “The idea that everyone has to put a huge deposit down to buy a property is something I don’t like.

“There are many aspiring first-time buyers who can afford the mortgage, but haven’t been able to save up the deposit because their income is going towards paying rent. Not everyone has a mum and dad [that can help].”

Haire took up the reins at Skipton in January, replacing long-serving David Cutter who led its successful effort to buy Connells 12 years ago.