Boris Johnson has revealed that his government will bring forward proposals to introduce fixed-rate long-term mortgages to enable first-time buyers to purchase homes via 95% LTV mortgages.
The Prime Minister claimed that the initiative would add two million owner-occupiers to the housing market and fulfil one of his key party's 2019 election manifest promises.
He said during his speech to the Conservative's virtual national conference: "For most people it is still true that the overwhelming instinct is to buy. But for many of them simply can't, not because they can't afford the mortgage but because they can't afford the deposit. The disgraceful truth is that home ownershiplevels in this country have plummeted and that many are forced to pay through the nose to rent a home they can't truly love or make their own. This policy will create two million more owner occupiers - the biggest expansion since the 1980's of home ownership, to every part of the country."