Treat people in your debt like family

Included is a shared equity scheme, and "free" five-year loans of up to 30% for some first-time buyers.

The Government hopes the plans will help first-time buyers struggling to get onto the housing ladder, support vulnerable homeowners at risk of repossession and support the house-building industry.

The measures include offering 10,000 first-time buyers currently frozen out of the mortgage market the chance to get onto the property ladder through a new £300m shared equity scheme and supporting up to 6,000 of the most vulnerable homeowners facing repossession to remain in their home through a £200m mortgage rescue scheme.

The measures come hot on the heels of the Treasury’s announcement that the Stamp Duty threshold will be raised to £175,000.