The coronavirus pandemic led to the virtual disappearance of mortgages that only required a 5% deposit. But the Chancellor, Rishi Sunak, announced on March 3 an initiative during his Budget 2021 speech that would see the return 95% mortgages for first-time buyers and home movers across the UK.

The announcement is tremendous news for first-time buyers looking to get on the property ladder at a time when, for many, owning a home may seem an impossible dream as they would otherwise not be able to find a large deposit to secure a mortgage deal.

Local mortgage specialists Greenacre Financial Services welcomed it as a "lifeline" for first-time buyers.

Managing director Greg Stanworth said: "Thanks to soaring house prices and tighter rules on mortgage approvals, the first rung of that famous property ladder can be very hard to reach. So the new 95% mortgage option will be a lifeline for those first-time buyers trying to get on the housing ladder."

The scheme for new mortgage applications which commenced in April is there to offer mortgages to people with a deposit of 5% on homes with a value of up to £600,000.

Greg added: "Not all lenders are offering 95% mortgages but with access to the whole of the market Greenacre will be able to assist you through the process".

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