Barclays offering mortgages with £0 deposit and thousands of Brits are eligible

This initiative makes use of the Right to Buy scheme.

Last week, Barclays bank revealed that it would be calling upon the Right to Buy (RTB) scheme in place of a house deposit for tenants wanting to purchase their council or house association properties.

RTB was first introduced by the UK government under the Housing Act of 1980 as a way of upping the numbers of homeowners - allowing eligible council-housers across England and Wales to buy their rented homes at a discounted rate.

Those people looking to finally nail down a mortgage were previously required to supply a monetary deposit, but Barclays customers won't need to anymore.

"The Right to Buy scheme has long been a crucial route to home ownership for council and housing association tenants, yet we know that saving for a deposit remains a key obstacle," said Lee Chiswell, Head of Mortgages at Barclays, in a statement.

"By lending for the full value of the property, we’re removing the need for buyers to have any deposit at all, helping many completely sidestep their largest barrier to home ownership."

In other mortgage news, TikToker and advisor KAG Financial (@kagfinancial) provided a vital tip to burgeoning homeowners back in 2021 via a 13-second clip.

She told her followers that any monkey business in their bank transaction reference boxes could spell trouble, with banks and lenders able to see everything you've ever written in them.

"'Money for drugs' is probably not the best thing to use," she warned.