The government-backed 95 per cent mortgage scheme announced in the budget has launched today.
The scheme aims to help first-time buyers or homeowners obtain a mortgage with only a 5% deposit.
Chancellor Rishi Sunak said "By giving lenders the option of a government guarantee on 95 per cent mortgages, many more products will become available, boosting the sector, creating new jobs and helping people achieve their dream of owning their own home."
Robert Jenrick, Housing Secretary, commented: "For too many people, no matter how hard they work, homeownership can seem out of reach. One of the biggest divides in our country has been between those who can afford their own home and those who cannot.
"That's why we are determined to do everything we can to help hard-working families and prospective first-time buyers get their feet on the housing ladder in an easy and affordable way, to level up this country."
There are currently 5 lenders that have launched their 95 per cent mortgages.