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.
The government will offer incentives to lenders, bringing back 95% mortgages which have "virtually disappeared" during the pandemic, the Treasury says.
Chancellor Rishi Sunak says public finances are facing a "challenge" from the pandemic's impact on the economy.
The government has borrowed £271bn this financial year - up £222bn on 2019-20.
This has pushed the national debt to £2.13 trillion.
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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