Sunak's budget expected to offer first-time buyers mortgage guarantee

Treasury says low-deposit mortgages have virtually disappeared since 2008 financial crisis

The chancellor is expected to unveil a mortgage guarantee scheme that aims to help first-time buyers get their foot on the property ladder in next week's budget.

Rishi Sunak is attempting to incentivise lenders to provide mortgages to first-time buyers, along with current homeowners, with deposits as low as 5% on properties worth up to 600,000. The government will offer lenders the guarantee they need to provide mortgages covering the remaining 95%, with details set to be unveiled on Wednesday.