The onset of the pandemic in the spring of 2020 quickly lead to the withdrawal of low-deposit mortgages, as property valuations ground to a halt and lenders looked for ways to manage business levels.
Over the last 12 months, the market has gradually opened up again, and the budget announcement in March saw the Government confirm its intention to support the housing sector by increasing the availability of 95% mortgages.
Here, we have broken down how the government’s mortgage guarantee scheme works.