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High Street lenders are now starting to offer mortgages to borrowers offering a deposit of just 5% under a new government guarantee scheme.

The policy, announced during the Autumn Budget back in 2020 is designed to help more first-time buyers secure a home.

The scheme is like policies previously used to boost the housing market and the economy, as well as offering support to those buying a home for the first time.

The new scheme will be available to anyone buying a home costing up to £600,000 unless they are buy-to-let or second homes.

The guarantee is designed to give lenders the confidence to offer 95% loan-to-value mortgages – many of which were withdrawn during the Covid crisis.

Lloyds, Santander, Barclays, HSBC and NatWest are starting to offer, and Virgin Money will do so in the near future.

Some lenders have said that these products will not be available for new-build properties.

For further support and advice on mortgages, get in touch with Brookson Financial.


A Mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Brookson Financial are authorised by the Financial Conduct Authority.

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