PM pledges 5% mortgages for first-time homeowners

Boris Johnson has confirmed that he intends to create 2m more owner-occupiers by introducing 5% mortgage deposits for first-time buyers to transform "generation rent" into "generation buy". The pledge was one of a series of ambitious promises in the prime minister's speech to the annual Conservative conference. However, Eric Leenders, managing director of personal finance at banking trade body UK Finance, commented that, while the banking industry looked forward to working with the Government on its proposals, "firms have a duty to lend responsibly and consider the affordability of the mortgage in the long term, helping customers to avoid the risks associated with negative equity."

The Independent (06/10/2020)   The Guardian (06/10/2020)   Financial Times (06/10/2020)   Daily Mail (06/10/2020)