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A national mortgage lender said it would not offer its new deposit-free mortgage in the Channel Islands because the housing market "costs several times more".

Skipton Building Society launched a deposit-free mortgage on Wednesday, which it specifically aimed at people currently renting.

The initiative will allow people in the UK to take out a loan without a deposit if they have a clean credit score and record of paying rent on time.

Skipton International, the arm of the firm that operates in the islands, said the price of buying a house was "far higher" in the Channel Islands than in the UK and there was a smaller choice of properties.

It said the Track Record mortgage would not be offered in the Channel Islands, but islanders could still apply for a full mortgage if they could get a close family member to guarantee their payments.

Jim Coupe, Skipton International’s managing director, said the Channel Islands were not currently part of its initiative plans.

He said: "With extended affordability challenges in the Channel Islands the constrained affordability of the Track Record Mortgage would not support first-time buyer purchases.

“Skipton International will be monitoring the development and success of the Track Record Mortgage with interest but has no plans to implement in the Channel Islands at present."