Scheme launched to turn ‘generation rent’ into ‘generation buy’

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The Government’s new 95 per cent mortgage scheme for first time buyers has been launched.

First announced with the Budget, the scheme will help first time buyers and current homeowners secure a 95 per cent mortgage on homes priced up to £600,000.

Mortgages are available from high street lenders Lloyds, Santander, Barclays, HSBC and NatWest. Virgin Money follow next month.

‘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 who can afford their own home and those who cannot’, said Housing Secretary Robert Jenrick when launching the scheme.

‘That’s why we are determined to do everything we can to help hard-working families and prospective first-time buyers get their feet on the housing ladder in an easy and affordable way, to level up this country.

‘The new mortgage guarantee scheme which comes into effect today will give providers the confidence to lend and help families and young people get on the property ladder without the prohibitive burden of a large deposit.

‘Together we can turn “generation rent” into “generation buy”.