Boris Johnson pledges an introduction of 95% mortgages

15th October 2020

This month Boris Johnson pledged that the Government would “turn generation rent into generation buy” by introducing 95% mortgages again for first time buyers.  This should make it easier for first times buyers to get a mortgage  with a deposit of just 5%, allowing more to move on from the rental sector.

Though this will be good news for many, we must remember a low deposit does leave you at risk of ending up with a property in negative equity.

We don’t yet know the full details of how the Government’s scheme will work, and it is likely to be a few months before we do.  There is some concern about how the scheme will be implemented alongside worries that first time buyers will still struggle to get on the property ladder whilst lenders usually only lend between 4 and 5 times annual salary, most property is said to be at least 7 times the average salary.  There are additional concerns about just how the scheme will affect the housing market and who will be underwriting these mortgages.

We welcome news that supports first time buyers, rent can often be more expensive than a mortgage repayment and so sensible ways forward to “turn generation rent into generation buy” are a must.

If you are looking to purchase a property for the first time a need some advice and/or a quote you can contact our conveyancing team on 01392 424242 or email

Other property matters we can help with include:

  • Sales and purchases of both freehold and leasehold property including flats and shared ownership property
  • Purchases under the Help to Buy Scheme
  • Transfers of property from single to joint ownership and vice versa to include transfers subject to mortgage
  • Mortgages and re-mortgages to include buy to let mortgages
  • Equity release mortgages
  • Tenancy Agreements