Overview
- Borrowers can access up to £350,000 at a 5.79% fixed rate for five years following a pilot in Stoke-on-Trent.
- Applicants must show 12 months of on-time rent, meet a £25,000 minimum household income, and pass standard credit checks.
- The product is available only on houses, with monthly mortgage payments constrained relative to current rent.
- Advisers say it can help renters who already manage mortgage-sized payments, while warning of higher costs and greater exposure to negative equity.
- Alternatives highlighted include Skipton’s Track Record Mortgage, Shared Ownership schemes, and guarantor-backed deals that may be cheaper or lower risk.