Housing Secretary Rt Hon Robert Jenrick MP said:įor too many people, no matter how hard they work, home ownership can seem out of reach. Today’s new 95% mortgage scheme will now make it even more accessible to own a home. Since 2010, more than 687,000 households have been helped into home ownership through government schemes, but when asked, 69% of private renters and 63% of those living at home who had looked into a mortgage said they cannot find many mortgages with a low deposit. In 2019 a pledge to build 300,000 new and attractive homes a year was announced with an investment of over £12 billion in affordable housing over the next 5 years – the largest investment in a decade. Official statistics show more homes were delivered in 2020 than in any year since 1987. The government has made clear its commitment to tackling inequality in the housing market and levelling up the country. The scheme is now available from lenders on high streets across the country, with Lloyds, Santander, Barclays, HSBC and NatWest launching mortgages under the scheme today and Virgin Money following next month. The government will offer lenders the guarantee they need to provide mortgages that cover the other 95%, subject to the usual affordability checks. Today’s launch further strengthens government commitment to supporting the housing sectorĪ new government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder is available to lenders from today (19 April 2021).įirst announced at the Budget, the scheme will help first time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house of up to £600,000 – providing an affordable route to home ownership for aspiring home-owners.New figures show demand for home ownership has soared during lockdown, with nearly 80% of private renters now saving for a deposit.Scheme part of a range of ownership options to help make home ownership a reality.

95% mortgage guarantee launches today, available on high streets across the country.

Covid mortgage defaults