UK house buyers now have access to a new 100% mortgage deal, one of the first of its kind since the global financial crisis. Netherlands-based April Mortgages launched the product in the UK this week, requiring borrowers to fix their interest rate, which starts at 5.99%, for 10 or 15 years.

No deposit is required and the Dutch firm has made the deal available to first-time buyers and movers with a household income of at least £24,000. April Mortgages said on their website that saving for a deposit can feel “impossible”, leading them to do “something different” with the new deal.

The company added: “April’s No Deposit mortgage is designed to help you get the keys without years of saving. No gimmicks. No strings. Just a modern mortgage with simple rules, long-term certainty, and flexibility built-in.”

They said the company lends “responsibly” to people with “strong credit and stable income” and kept things “fair, safe and certain for everyone”.

Deposit free loans had made up more than 6% of new mortgages just before the financial crash, but nowadays counts for around 0.3% of the total as banks are more wary of lending, The Times reports.

Before the 2008 crash, mortgages requiring no deposit were not difficult to come by and were offered by major lenders including HSBC, Lloyds and NatWest.

Some lenders could even offer up to 125% of a property’s value, with the theory that house prices would steadily rise over the course of a deal.

Among the lenders offering these packages was Northern Rock, which collapsed in September 2007.

Recently, the 100% mortgages on offer have been those into which parents must put money into a savings account as collateral, or those for which first-time buyers must demonstrate a history of paying rent to qualify for.

In contrast, April Mortgages said there were no restrictions on who could apply for its 100% deal.

Nick Mendes, of the mortgage company John Charcol, told The Times: “This offers a much-needed alternative for financially responsible renters who have consistently managed their payments but have been locked out of the housing market.”

However, James Daley from consumer group fairer finance told the newspaper: “I understand people are impatient to get on the property ladder and rising prices have kept it out of reach for many. But I am not convinced that the answer is to lend even more money to people and to waive the need for a deposit. People who have no equity have fewer choices and are much more vulnerable to falling into negative equity and finding themselves trapped.”