How the new low-deposit mortgage scheme works

Government vows to turn ‘Generation Rent’ into ‘Generation Buy’

An estate agent’s window
(Image credit: Rob Stothard/Getty Images)

First-time buyers and current homeowners will be able to purchase a house with just a 5% deposit under a new government scheme that launches today.

Housing Secretary Robert Jenrick has promised it will “help families and young people get on the property ladder without the prohibitive burden of a large deposit” – turning “Generation Rent into Generation Buy”, the Evening Standard reports.

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