The five-year fixed rate mortgage is available to those who can demonstrate a good track record of rental payments and affordability for a mortgage. The mortgage aims to enable tenants to access property ownership without having to rely on traditional routes such as deposits or guarantors. The mortgage is subject to affordability checks, a credit score and evidence of a minimum of 12-months’ good track record rental history.

*The average house price in the UK decreased by 0.3% in April, which is roughly equivalent to £995 less. Despite the decrease, typical property prices are still £28,000 higher than two years ago. Halifax predicts that there will be further downward pressure on house prices over the remainder of the year due to the impact of higher interest rates and concerns regarding the cost of living. However, the mortgage market is stabilising, and there is a slight increase in properties for sale.