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5% Mortgages hit the High Street

Published: 19/04/2021

Government-backed 5% mortgages will be launched by several lenders today. The scheme, announced in the spring budget and running up to the end of 2022, will allow new and current homeowners to borrow up to 95% of their property price on homes up to £600,000. Barclays, HSBC, Lloyds, NatWest and Santander are offering the loans, with Virgin Money to offer them from May. There will be a wide variety of loans available under the scheme, although some will not be available for new build properties.

This move will help many who have struggled to get an adequate mortgage over the last year, as many low deposit mortgages were withdrawn in the face of the pandemic. 5% deposit mortgages have not been widely available since May 2020.

According to government data, almost 80% of private renters are now saving for a deposit to buy a home.