The property market is set to get another boost from today as new Treasury-backed 95% mortgages enter the market in efforts to turn "generation rent into generation buy".
Under the government guarantee scheme, banks and building societies will be offering mortgages to borrowers with just a 5% deposit with the government acting as the guarantor if the buyer defaults on their payments.
Chancellor Rishi Sunak said the scheme would give lenders the confidence they need to start lending again after pulling hundreds of 95% deals during the pandemic.
He said: "Every new homeowner and mover supports jobs right across the housing sector, but saving for a big enough deposit can be hard, especially for first-time buyers. "By giving lenders the
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