While it is not clear yet exactly what the Chancellor is planning to offer in next week’s Budget, property is expected to be a big focus.
While many are calling for an extension of the stamp duty holiday and mortgage payments holiday, there is one policy he is expected to announce in a boost for first time buyers.
Mr Sunak is expected to unveil plans to help first-time buyers get onto the property ladder with a new mortgage guarantee scheme.
The proposals will help people to buy properties up to £600,000 with deposits of just five percent.
Will Rishi Sunak extend mortgage holidays as chancellor expected to unveil 5% mortgages? (Image: GETTY)
| UPDATED: 14:09, Sun, Feb 14, 2021
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Rishi Sunak has been tasked with managing the Government’s economic response to the COVID-19 crisis over the 11 months. As part of his plan to help rescue the frozen property market, and assist those with financial struggles, he announced a mortgage holiday scheme alongside the Financial Conduct Authority (FCA) which was quickly taken up by millions. A mortgage holiday allowed Britons to temporarily pause their payments for a three month period, to help them get back on their feet financially.
Banks pressuring customers to make unrealistic loan repayments as deferrals end
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A Westpac spokesperson said about 75 per cent of customers who had deferred loan payments had begun to repay.
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Borrowers are being pressured by banks to make significant, bulk payments as loan deferrals begin wrapping up.
Key points:
The Australian Prudential Regulation Authority says repayment deferrals must end on March 31
The National Debt Helpline said one person was told he had to pay $20,000 in arrears before regular payments could restart
Financial counsellors are concerned the pressure from banks will send some people to payday lenders