New mortgage scheme launched for first-time buyers

Today sees the launch of a new 95 per cent government-backed mortgage scheme, helping first-time buyers get their feet on the property ladder in an easy and affordable way, to level up the country.

  • For too many people, no matter how hard they work, home ownership can seem out of reach – one of the biggest divides in our country has been between those can afford their own home, and those who cannot. 
     
  • That is why the government is launching a new 95 per cent mortgage scheme - allowing first time buyers or current homeowners to purchase a home with only a 5 per cent deposit on a house worth up to £600,000 – providing an affordable route to home ownership.
     
  • Alongside other schemes to get people on the housing ladder - including Help to Buy, Shared Ownership and the First Homes Scheme - we are helping turn ‘Generation Rent’ into ‘Generation Buy' as we level up and build back better.

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