While a handful of other no-deposit deals are available, they all need the financial backing of family or friends.
Skipton Building Society says while its deal requires 12 months of on-time rental payments and a good credit history, it does not need a guarantor.
However, at 5.49% the interest rate is more expensive than the average five-year fix of 5%.
Generation Rent, which campaigns on behalf of private renters, says the shortage of affordable properties within the budget of first-time buyers is still the main stumbling block for those struggling to get on the property ladder.
"It's not necessarily going to help all the people who are looking to buy a first-time home if there aren't more houses available to buy," says Will Barber Taylor from Generation Rent.
First-time buyers are facing an uphill battle. Rapidly rising rents have made saving for a deposit increasingly difficult, at the same time that the government's flagship Help to Buy scheme, aimed at helping first-time buyers, is no longer open.
The Skipton, which is the UK's fourth biggest building society, says it recognised a "gap in the market".
Stuart Haire, the society's chief executive, told the BBC that "until now there has been no solution for them [renters] to buy a property due to a lack of savings or access to family wealth".
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