Boris Johnson has asked ministers to work up plans to allow more mortgages to be offered with a 5 per cent deposit, according to reports.

The PM indicated he hopes a new mortgage scheme can help would-be homeowners who are currently locked out of the market by the demand for higher deposits.

He encouraged the availability of low-deposit, long-term fixed mortgage deals to help get young people onto the housing ladder.

In an interview with the Telegraph before the start of the Conservative Party conference, the PM said a “huge” number of people were excluded from the owning a home and he wanted to solve the problem with a mortgage scheme that permitted deposits as little as five percent.

Speaking to the newspaper he said: “I think a huge, huge number of people feel totally excluded from capitalism, from the idea of home ownership, which is so vital for our society.

“And we’re going to fix that – Generation Buy is what we’re going for.”

Read more here: https://www.telegraph.co.uk/politics/2020/10/02/exclusive-boris-johnson-vows-put-generation-buy-housing-ladder/