The new mortgages are specifically available for properties within local ST postcodes. ST refers to Stoke-on-Trent and its surrounding areas, encompassing 21 postcode districts within six post towns.

Eligible applicants must also have a household income of over £25,000pa.

The rent to own mortgage offers a five-year fixed rate of 5.79%, and is available up to 100% LTV for eligible applicants meeting the society’s rent to own criteria.

Loans can be offered up to 133% of current rental payments with proof required of full rental payments over a 12-month period.

There are no application or arrangement fees though a valuation fee is applicable, subject to the property’s value.

The product comes with an early repayment charge of 3% during the fixed rate period, but borrowers can make overpayments of up to 10% per year without penalties.

The product comes with a maximum loan size of £350,000 and a minimum loan size of £30,000.

Hanley Economic Building Society head of products and marketing David Lownds says: “This new 100% Rent to Own mortgage is designed to make homeownership a reality for those who may have struggled to save for a deposit.”

“By eliminating the need for an upfront deposit, we are offering a practical solution for individuals, couples and families across the ST postcode region who are ready to take their first step onto the property ladder.”