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Deposit-free mortgage launched for renters buying their first home

‘It has been carefully created with the challenges generation rent is facing in mind’

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Lydia / Flickr & Thirdman / Pexels

A deposit-free mortgage has been launched by a housing association aimed at renters looking to buy their first home.

Skipton Building Society said it recognised a gap in the market for first-time buyers living in rented properties.

The building society has launched the UK’s first 11% LTV (Loan To Value) mortgage for people who are renting. The 100% mortgage is designed to help renters access the property ladder without a deposit.

The company said it will help take away the dependency on the ‘bank of mum and dad’ or the need for guarantors. 

Thirdman / Pexels

Known as the ‘Track Record Mortgage’, the deal allows residents who can provide evidence of mortgage affordability to borrow up to 100% of a property value.

The scheme is available to people aged 21 or above and is available exclusively to first-time buyer purchases only. It is subject to a credit score and proof of 12 months’ ‘good track record rental history’.

According to Skipton, there are 4.6m households across England, renting privately. This figure has more than doubled (+112 percent) the number recorded in 2000.

Its research found that eight in 10 tenants felt ‘trapped’ in the rental cycle, paying rental costs that are higher than a mortgage — which in turn is preventing them from being able to save for a deposit to buy their own home.

Lydia / Flickr

Meanwhile, house prices for first-time buyers have also risen by an average of 18% in the last two years – an increase of £39,680 – with more than one in three (35%) struggling to save due to increased rent.

Charlotte Harrison, CEO of Home Financing at Skipton, said: “We need to tackle the UK’s housing affordability crisis to enable more people, especially renters who are trapped in renting cycles, to buy their first home.

“People trapped in renting is one of the UK’s biggest housing challenges, having a massive impact on the fabric of our society.

“With escalating rents and the cost-of-living squeeze further impacting people’s ability to save for a house deposit — it’s making it almost impossible for people to get onto the property ladder.

Oleksandr Pidvalnyi / Pexels

“We recognise there’s a clear gap in the market for people who have a strong history of making rental payments over a period of time and can evidence affordability of a mortgage – but there is currently no solution for them to buy a property due to lack of savings or access to family wealth.

“It is time for a re-think on these massive barriers to home ownership, and we’re proud to take the lead on bringing to the market, solutions for such a massive social problem.

“This is why we’re introducing our Track Record Mortgage. It has been carefully created with the challenges generation rent is facing in mind, together with the potential risks and challenges they may encounter in the future too.

“In building our mortgage product with these challenges at the centre, we’re ensuring considerations around negative equity have been fully taken into account.”

Mohamed Hassan / PxHere

However, the campaign group Generation Rent has warned that while the deal could help first-time buyers, the lack of affordable houses is also a huge obstacle preventing prospective buyers trying to get onto the property ladder.

The group, which campaigns for the rights of private renters, said the shortage of budget-friendly properties for first-time buyers is still a huge issue.

Will Barber Taylor from the group told the BBC: “It’s not necessarily going to help all the people who are looking to buy a first-time home if there aren’t more houses available to buy.”

But, he added: “It would need to be in combination with other factors to make it effective.”

 

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Stagecoach hiring over 100 new bus drivers for Bee Network with £31k salaries

Fancy a career change?

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Stagecoach

Stagecoach Manchester is hiring over 100 new bus drivers to work from its Oldham depot, following the second phase of the Bee Network launch in March.

You can apply for a range of roles, from positions with no experience required to fully qualified bus drivers.

Successful applicants will receive full training as part of the job, and trainees will get paid to train. Then after only 12 months’ service at Stagecoach, drivers can expect to earn up to £16 per hour, which equates to £31.6K per year, before overtime.

As well as that, drivers that already hold a PCV licence may be eligible to receive a £1,200 joining bonus.

Stagecoach

There’s also a host of other benefits available to all Stagecoach employees, like 28 days paid holiday, generous pension and free Stagecoach bus travel for successful applicants and a companion.

Rob Jones, Managing Director at Stagecoach Manchester said: “Expanding our offering in Oldham means we’ll be investing more in the economy and supporting our local community, as well as strengthening our workforce.

“Whether you’re looking for a career change or you’re a fully qualified, experienced bus driver, there’s a role for everyone here in Oldham.

“We’re looking for personable and dedicated drivers who are ready to help us build on the success of the Bee Network and connect the people of Oldham and Greater Manchester with the places and people that are important to them.”

Stagecoach

Phil Cornwall, bus driver at Stagecoach Manchester, said: “I’ve been a driver at Stagecoach for 25 years and I couldn’t recommend it more.

“From the perks to the people to the passengers, it really is a great place to work.”

To apply, head to the Stagecoach website HERE.

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Two men charged with murder after torso discovered in Salford nature reserve

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Greater Manchester Police

Two men have now been charged with murder, following the discovery of a human torso in Kersal Dale.

As well as that, more suspected human remains were also discovered this morning, Monday April 29th, in an alleyway close to the railway lines off Worsley Road, Eccles.

This follows earlier discoveries of human remains over the past three weeks, at Kersal Dale, Blackleach Reservoir and Colliery Wood, all in Salford.

Greater Manchester Police


Michal Jaroslaw Polchowski (25/04/1956) and Marcin Majerkiewicz (10/04/1982) both of Worsley Road, Eccles, have been charged with murder.

They are set to appear at Tameside Magistrates Court this afternoon.

While formal identification is still ongoing, the remains found at Kersal Dale are believed to be of a local man in his 60s. The remains found at the other three locations are still to be tested, but police are confident they belong to the same victim.

ACC Sarah Jackson said: “We have had large numbers of officers, staff and specialists working diligently on this investigation over the last three weeks. It has been very much a large, collective effort, with the victim and family at the heart of it from the outset.

“We have specially trained officers deployed to support the family as they come to terms with this tragic news. They are aware of this morning’s further discovery and will continue to be kept up to date with how we are progressing.

“Despite the charges brought today, our work is far from over.

“The scenes we already have established in Bury and Salford will remain in place for much of this week whilst our searches and enquiries continue. Local officers will continue to patrol the impacted areas to provide reassurance.

“We will continue following every line of enquiry to recover and reunite the victim with his family, bringing a dignified end to this terrible scenario.

“I’d like to thank the communities of Salford and beyond for their cooperation throughout this investigation. I know this incident has come as a shock, and the support we’ve had from those in the area is very much appreciated.”

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More human remains discovered in Greater Manchester as police identify victim

All the latest updates

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N Chadwick / Geograph

Detectives investigating the discovery of a torso in Kersal Dale have found more human remains around Greater Manchester.

GMP released a statement on the weekend, revealing they had opened four scenes for extensive searches – one of them at a warehouse in Bury, and three in Salford.

Searches took place at Blackleach reservoir, where human remains were found, and a dog walker found a package containing human remains at Colliery Wood.

Officers believe they have now identified the man, who they believe to be a man in his 60s that lived in Salford, and his family have been informed.

Two suspects have already been arrested in connection with the murder probe, with officers saying they are thought to have lived with the victim.

Greater Manchester Police / Facebook


Detective Superintendent Lewis Hughes, Senior Investigating Officer for this investigation, said in a statement at Blackleach reservoir yesterday, Sunday April 28th: “We have continued to make significant progress in our investigation into human remains being found in Kersal earlier this month.

“From day one, our priority has been to identify the man and his family so that we can give them the support and the answers that they need.

“Thanks to meticulous forensic work, we are now confident we have identified the man. Formal identification hasn’t yet taken place, but we believe he is a man in his 60s and lived in Salford.

“Specially-trained family liaison officers have met with his family this afternoon to give them the devastating news, and we will do all that we can to support them at this awful time.

“We believe he is known to the two suspects we have in custody. They have remained in custody for questioning over the weekend, as we work to establish how the victim met this tragic outcome.”

He continued: “We have painstakingly worked to follow up every line of inquiry in this investigation. Over the last couple of days, we have acted on information and had four scenes in place for extensive searches – one of them is at a warehouse in Bury, and three of them are in Salford, including here at Blackleach reservoir.

“Today, we have found some human remains at the reservoir here, and last night a dog walker found a package containing human remains at Colliery Wood. Forensic tests will continue to establish whose remains these are, but we are very confident that this is also the victim in our investigation.

“We have also been searching a house in Winton where we believe the victim and the two suspects lived. We have found evidence that the victim is likely to have died there – most likely in late March.

“While this is significant progress, we know there is still some way to go to complete this investigation. I also recognise details of this case will have been distressing for the people of Salford and beyond – including the officers that are diligently working on this investigation, and most importantly the man’s heartbroken family.

“Local officers will continue to patrol the affected areas, and we will provide updates when we have more information.”

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