Budget 2021: Mortgage guarantee to help buyers with 5% deposit

A mortgage guarantee scheme to help people with small deposits get on the property ladder is set to be announced at next week's Budget.

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The government will offer incentives to lenders, bringing back 95% mortgages which have "virtually disappeared" during the pandemic, the Treasury says.

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Chancellor Rishi Sunak says public finances are facing a "challenge" from the pandemic's impact on the economy.

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The government has borrowed £271bn this financial year - up £222bn on 2019-20.

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This has pushed the national debt to £2.13 trillion.

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He added: "I will do whatever it takes to protect the British people through this crisis and I remain committed to that."

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OneAgency Estate Agents can point you in the right direction for mortgage advice. We also offer FREE sales and lettings valuations in Stoke-on-Trent and surround areas.