SKIPTON Building Society's launch of the first 100 per cent mortgage exclusively for renters has been welcomed by the area's MP Julian Smith.

Mr Smith CBE said: "It is great to see a mortgage initiative being designed for renters who are struggling to save for a deposit. This along with various Government measures will be welcome news for first time buyers."

Research carried out by the building society found that more than one in three renters are struggling to save as their rent has increased – with these renters now having to find an extra £1,000 per year for their landlord.

Some 42 per cent also believed their mortgage repayments would be more affordable than their current rental payments. But, lack of savings to cover a deposit is leaving many stuck in their current rental properties, with over a quarter saying they have been in the same rental property for five years or more.

The research was commissioned by Skipton Building Society to mark the launch of its track record mortgage, which helps tenants to purchase their first property without the need for a deposit.

It will however, be subject to eligibility criteria, including credit checks. Find out more at: www.skipton.co.uk/mortgages/track-record-mortgage.