Sound advice from money expert

Martin Lewis, founder of says people must consider whether they can genuinely afford the repayments when paying a mortgage - and if this will still be the case when interest rates eventually go back up.

Lewis points out that the Government guarantee under the scheme is there to protect the lender, not the borrower. Under the scheme, while the borrower puts up 5% of the value of the home, the Government covers the lender for a further 15%.

He says: “If you have only got a 5% deposit and have worked out that getting a mortgage is right for you, you just need to look for a 95% loan-to-value (LTV) mortgage in the same way you always would.