More first time buyers may soon be able to get a foot on the property ladder, according to insurer Genworth Financial, due to the launch of their specialist mortgage insurance product.

The company claim that their new product will help to mitigate the considerable risk associated with 100% LTV lending by covering lenders risk.

As many as 57% of 21-40 year old property-hunters still believe that a deposit is required to secure a mortgage, according to research conducting by Genworth.

Tammy Richardson, managing director at Genworth, says: "Raising a deposit need no longer be a barrier to owning a home... Mortgage insurance for 100% LTV lending has a key role to play in providing first-time buyers with earlier access to home ownership while also enabling lenders to grow.”