Martin Lewis has weighed up the pros and cons of a new mortgage scheme that might be very attractive for first-time buyers.
The scheme is the first of its kind since 2008 due to many blaming lax affordability checks and high loan to value mortgages contributing to the financial crash. Weighing in on the scheme, Martin said he has "mixed feelings" about the new product.Writing on the MoneySavingExpert.com website, he said: "Having campaigned for years to try and help mortgage prisoners locked in at hideous unaffordable rates – the spectre of 100% mortgages returning leaves me with mixed feelings.
"So Skipton Building Society's criteria of requiring a good rental track record to prove someone can make mortgage payments is sensible, and so I cautiously welcome it, done carefully after advice, as an option for some."
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