So, is this the change that renters have been waiting for? Forbes Advisor’s mortgage expert Laura Howard says the new deal is a “welcome step” towards levelling out the playing field for renters, who have historically “been at a disadvantage when it comes to getting on the property ladder”.

It makes sense that renters can use their rental history as proof they’ll be able to afford mortgage payments, she adds: “Paying your full rent on time in long-term monthly succession is no easy feat. Average UK rents are now a staggering £1,999 a month according to Homelet, almost 10% higher than in April last year.” Indeed, in many cases, Polly Gilbert, marketing director at Tembo, notes that “monthly mortgage payments might be the same or even less than rent”.

But while Gilbert welcomes more innovation in the mortgage market to solve the affordability gap, she notes that this is not going to be a “magic bullet. One product isn’t going to change the market for first-time buyers. There are so many hurdles for them to overcome.” While this deal, she says, might help a couple renting together, or someone living alone, it won’t necessarily work for house sharers: “You need to show that you’ve paid the rent and household bills in full.”

Will deposit-free mortgages help renters get on the property ladder?