The budget has said that there will be £130 billion of new mortgages issued to boost housing market. Will this work?
The plan will allow people to borrow up to 95% of the value of a house. There will still be some means testing to ensure that people can pay back mortgages.
People in the South East may find it harder to borrow still due to high house prices.
With the average price of a house now being £238,293, this means that around 5180 people will be able to get mortgages in the next year when the policy kicks in.
Great news for renters, as while mortgages are hard to get, most people who are renting are paying far more in rent for their house than they would pay if they owned it.