Zero deposit 100% mortgage launched for renters

Dariusz Karpowicz, director at Doncaster-based Albion Financial Advice, agreed.

“Before you get excited, understand what you’re signing up for” he advised. “You’ll pay interest on the full purchase price at a higher rate, making monthly payments steeper than if you had a deposit.”

He added: “Compare this carefully against Shared Ownership schemes where even a tiny deposit might secure better rates and lower risk. This suits specific situations, not everyone, so speak to a qualified adviser first.”