Jeremy Hunt is drawing up a package of support to help first-time buyers get on to the property ladder ahead of the autumn statement next month.
Options being considered include extending the government’s mortgage guarantee scheme and creating a new type of individual savings account (Isa) targeted at people looking to build up a deposit to buy their first home.
It comes amid growing concern that thousands of first-time buyers, as well as homeowners whose cheap fixed-rate mortgage deals are set to expire, will struggle with affordability checks should rates remain high throughout next year.
The Bank of England’s interest rate is 5.25 per cent at present, compared with a historic low of 0.1 per cent from March 2020 until December 2021.
As part of
