Will Rishi Sunak extend mortgage holidays as chancellor expected to unveil 5% mortgages?

The Chancellor is expected to detail what guarantees the Government will offer lenders to secure such a scheme.

If announced, the news will come as welcome relief to many people looking to buy their first homes, when five percent deposits have all but vanished during the pandemic.

Speaking last year the Prime Minister indicated his support for such a scheme, saying: “I think a huge, huge number of people feel totally excluded from capitalism, from the idea of homeownership, which is so vital for our society. And we’re going to fix that – “Generation Buy” is what we’re going for.

“We need mortgages that will help people really get on the housing ladder even if they have only a very small amount to pay by way of deposit, the 95 per cent mortgages. I think it could be absolutely revolutionary, particularly for young people.”

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