First-time house buyers are being given a helping hand with The Cumberland's 95 per cent mortgage scheme.

The building society says it will now be using the Government’s scheme this week.

Heralded by chancellor Rishi Sunak in his budget, the scheme is planned to help out many homebuyers who find saving up for a deposit to be the slowest and often hardest part of the process.

Jack Green, area manager at The Cumberland, said: “We share the Government’s ambition to help more people buy their first home - turning generation rent to generation buy, as the chancellor described it.

“Unfortunately, Covid-19 saw lenders withdraw their 95% products as it wasn’t clear what impact the crisis would have on the economy and the housing market."

Aileen Robertson, product manager at The Cumberland, is hoping the low deposit mortgages will increase confidence among first-time buyers, she said:

“This new range of mortgages includes a £1,000 cashback product. We hope homebuyers will see them as a strong sign that we’re keen to help as many people as possible get on the housing ladder."