Tenants stuck in a rental trap in Staffordshire’s ST postal area are to be offered an exclusive mortgage deal designed to allow them to become homeowners. 

The Hanley Economic Building Society has designed a unique mortgage deal allowing any Staffordshire tenant with proof of 12 monthly rental payments to get on the housing ladder. 

The proof of payments mean that the mortgage will be offered with zero deposit. 

David Lownds, Head of Products & Marketing at Hanley Economic Building Society, said the offer could help rejuvenate the local housing market. 

“There’s thousands of people who feel stuck in the rental trap,” he said. “Often they are paying more in rent than they would for a mortgage.

“They feel trapped because paying rent more often than not means they find it impossible to save for a deposit. 

“The beauty of this deal is its simplicity; all the renter needs is to provide proof that they have met their monthly rent payments in each of the last 12 months.

“Our mortgage advisers will then do a credit check and support them through the home buying process.” 

The mortgage rate will be fixed for five years, to allow those taking up the offer to budget consistently. 

David said the Festival Park, Stoke, based building society wanted to offer an exclusive product to support renters in their home area. 

It applies to anyone in the ST postcode which covers an area covering North and Mid Staffordshire and the Staffordshire Moorlands. 

The Hanley is thought to be unique in offering such a home-area-based deal. 

David added:  “We wanted to help people out in the area where we have been based for 170 years. It is also Stoke-on-Trent’s centenary year in 2025, and we believe this product can help to raise housing standards in our area.

“Stoke-on-Trent has a plentiful supply of rented homes.  But our research shows that many landlords with just one or two properties are being hit hard by new legislation and a less favourable market, so many are looking to sell.

“If a tenant gets the opportunity to buy their home, it is more likely they will be willing to spend money on it, giving the property and the local area an uplift. 

“It is important to say that tenants won’t have to buy the home they live in. Providing the mortgage is affordable, and the property is in line with the Hanley’s standard lending criteria, they can buy any home. This could inject extra urgency into the market, allowing owners to sell and move further up the housing ladder.” 

The Hanley Economic has six local branches, across Stoke-on-Trent and, Staffordshire, including the Staffordshire Moorlands.

Anyone wishing to look into turning rent into a mortgage can either visit a branch, call The Hanley on 01782 255000 or visit thehanley.co.uk to book a mortgage appointment online.

Photo; David Lownds, Head of Products & Marketing at Hanley Economic Building Society.