First-time buyers and other eligible buyers could secure a mortgage with as little as a 5% deposit, thanks to new measures announced in the 2021 Budget.
Chancellor Rishi Sunak said: “Even with the stamp duty cut which ended in September 2021, there is still a significant barrier to people getting on the housing ladder – the cost of a deposit. So, I’m announcing today a new policy to stand behind homebuyers: a mortgage guarantee.”
This scheme is great news for those looking to get on the property ladder with a lower deposit, but what exactly does this mean for buyers? How will the scheme work?