The Help to Buy scheme offers an equity loan where the government lends first-time buyers and existing homeowners money to buy a newly-built home.

The government announced the holiday as part of a radical package of measures to protect renters and landlords affected by coronavirus.

Other changes will ensure that no renter in either social or private accommodation will be forced out of their home during this difficult time.

Yesterday the Chancellor announced a three-month mortgage repayment holiday for hose affected by coronavirus.