New mortgage offer from The Hanley aims to help renters in Stone get on the property ladder

Tenants in Stone and across Staffordshire who feel trapped in the rental cycle now have a new route to homeownership, thanks to an exclusive mortgage deal launched by Hanley Economic Building Society.

The Festival Park-based building society, which has a branch in Stone, is offering renters in the ST postcode area the chance to buy a home with no deposit, provided they can show proof of paying rent on time for the past 12 months.

A solution for Stone renters struggling to save

For many renters, affording a mortgage is not the issue. It’s saving for a deposit. The Hanley’s new mortgage product aims to remove this barrier, allowing those with a solid rental history to secure a home loan without the need for upfront savings.

David Lownds, Head of Products & Marketing at Hanley Economic Building Society, said the initiative is designed to support local renters in transitioning to homeownership.

“There are thousands of people who feel stuck in the rental trap. Many pay more in rent each month than they would for a mortgage, but they simply can’t save a deposit,” he said.

“The beauty of this deal is its simplicity. If you’ve met your monthly rent payments for the past 12 months, our mortgage advisers can check your eligibility and guide you through the home-buying process.”

Key features of the mortgage

• No deposit required – Tenants can apply with 12 months of proven rent payments.
• Fixed interest rate – The mortgage rate will be locked in for five years, providing stability for new homeowners.
• Open to all homes – Applicants don’t have to purchase the property they currently rent. They can buy any eligible home within the ST postcode area.

Supporting the local housing market

With landlords facing increasing costs and regulatory changes, some are choosing to sell their rental properties. The Hanley believes this mortgage could help renters step in and purchase homes, keeping them within the community while also improving housing standards.

David added: “Stoke-on-Trent and the surrounding areas have a plentiful supply of rental homes, but many landlords with just one or two properties are looking to sell due to new regulations and a tougher market. Giving tenants the ability to buy means they are more likely to invest in their home, which benefits both the property and the wider community.”

How to apply

The Hanley Economic Building Society, which has six branches across Staffordshire including Stone, is inviting interested renters to explore their options.

• Visit The Hanley branch in Stone – for address and opening hours see: https://www.thehanley.co.uk/find-a-branch/stone-branch
• Call 01782 255000
• Check out more details, including the affordability calculator at – https://www.thehanley.co.uk/mortgages/st-rent-to-own

Are you a renter in Stone looking to step onto the property ladder? Let us know your thoughts in the comments!