Getting that first step onto the property ladder has always been difficult and it seems that no matter how much you save to gather the deposit you are chasing a moving goal.

Well, it looks like things are about to change with the new government-backed low deposit mortgage scheme that requires just a 5% deposit from the buyer. So in reality, there is no change as these mortgages have been around for decades, so what is different this time.

Here are the main features of the new scheme;

  • 95% mortgage guarantee launches today, available on high streets across the country
  • Scheme part of a range of ownership options to help make homeownership a reality
  • New figures show demand for homeownership has soared during the lockdown, with nearly 80% of private renters now saving for a deposit
  • Today’s launch further strengthens government commitment to supporting the housing sector

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