A UK mortgage lender has become the first in the UK to launch a new 100% mortgage scheme aimed at first time buyers and renters.
As the cost of living crisis sadly continues to make its impact felt in every area of society, with renters and first time buyers facing a constant uphill battle to get on the property ladder, Skipton Building Society has launched a new deposit-free mortgage scheme.
Skipton says it “recognised a gap in the market”, and its new offering is therefore mostly aimed at those “trapped in rental cycles”.
While it’s true that there is a handful of other deposit-free mortgage deals available at the moment, they all need the financial backing of family or friends, the BBC reports, which means they are often only an option for those from well-off backgrounds, whereas Skipton’s new scheme is also available to those who don’t have access to “the bank of mum and dad”.
The new offer requires proof of 12 months of on-time rental payments and a good credit history / Credit: Unsplash
Available up to 100%, the new product does require 12 months of on-time rental payments and a good credit history, but those applying do not need a guarantor.
The interest rate is at 5.49% though, which is more expensive than the average five-year fix of 5%.
Data issued by Halifax earlier this year found that the average deposit amount put down by first time buyers in 2022 was £62,470, which is up 8% on 2021.
The last UK lender offering standard 100% mortgages where no deposit was required withdrew from the market 15 years ago – which means Skipton’s new deal is the first available since the 2008 financial crisis.
Image – Roger Kidd (via Geograph)
Understood to be launching anywhere within the next couple of days or weeks, precise details of how the deal will work are yet to be revealed.
Skipton’s new deal comes after the government’s Help to Buy scheme officially closed to new applicants back in October 2022.
It’s expected that the new scheme may not be welcomed by everyone though, and could be met with some criticism, as zero-deposit mortgages and riskier mortgages with a high loan-to-value were believed to be one of the root causes of the 2008 financial crash.
Leeds City Council has confirmed that work to stabilise buildings on Lower Kirkgate is set to begin later this month, with repairs expected to take around 20 weeks to complete.
Back in 2024, Lower Kirkgate in Leeds city centre was closed following the partial collapse of a building, leaving one of the city's oldest streets inaccessible.
Since then, the street has remained closed while plans were developed to address the structural issues affecting the buildings.
Now, almost two years after the initial incident, the council has confirmed that a contractor has been appointed to carry out the work.
The buildings are privately owned, but Leeds City Council says it will step in to carry out the stabilisation work to prevent further deterioration and protect the historic properties.
Image: The Hoot Leeds
A spokesperson for Leeds City Council said: “We are pleased that, following months of careful planning and preparation, we are now in a position to begin stabilising these privately owned buildings.
“A contract has been awarded for the work, which is scheduled to get under way later this month and is expected to take around 20 weeks to complete.
“It should be stressed that the situation on Lower Kirkgate is not of the council's making, with the owners of the buildings allowing their condition to deteriorate over many years and then failing to take the necessary steps to address the resultant structural issues.
“By stepping in and carrying out this work itself, the council will be able to arrest the deterioration of important heritage assets on one of Leeds’s oldest streets. As always, we thank the local community for their continued patience and support.”
Further details about the work, including when the street may be able to reopen, have not yet been confirmed.
End of an era as Harvey Nichols is leaving Leeds after 30 years on Briggate
Clementine Hall
It's time to say goodbye to one of Leeds' most recognisable shops.
One of Leeds’ most iconic shops is set to undergo a major makeover - as Harvey Nichols is reportedly leaving Briggate after three decades.
The luxury department store has been a staple in the heart of Leeds since 1996, but its days under the famous Harvey Nichols name are coming to an end.
It has been reported that the store is set to become a Flannels, following the takeover of Harvey Nichols by Frasers Group earlier this year.
The brand was bought by Frasers Group after the luxury retailer entered administration in August.
At the time, Frasers said the business had faced “sustained trading and operational challenges” and that significant restructuring would be needed.
Now, Frasers boss Michael Murray has confirmed that Leeds and Bristol are the two stores set to lose the Harvey Nichols name and become Flannels.
Murray has said the group plans to invest in its Manchester store, while the future of the Knightsbridge flagship in London is also being considered.
Image: The Hoot Leeds
For Leeds, though, it means saying goodbye to a name that has been part of the city for almost 30 years.
And with another Flannels already sitting just a stone’s throw away, there are plenty of questions about what the change will mean for the city's already luxury-heavy retail offering.
Whether you've dined in the beautiful Fourth Floor Brasserie restaurant or enjoyed browsing the beauty hall over the years, we all have our own memories of Harvey Nichols and there's no doubt it will be missed.
For now, there’s no confirmed date for exactly when the Harvey Nichols name will leave Leeds but we will keep you updated.
Emily Sergeant -
9th May 2023 
