Chancellor exploring plans to help first-time homebuyers 

One option being considered is extending its existing mortgage guarantee scheme that helps homebuyers buy their first home with just a five percent deposit. The scheme – introduced during the pandemic – was due to end in December but may be extended for a further year, according to reports in The Sunday Times.  

The Treasury is also looking at options for a new type of Isa to incentivise people to save to buy their first home. As part of this, changes to existing products have been floated – with officials reportedly looking at lifting the property price cap on a number of existing Isas to reflect significant increases in house prices since the schemes were introduced.  

According to The Sunday Times, the Treasury have however ruled out a revival of the Help to Buy scheme because it could prove inflationary.

All this comes amid reports in the Observer that senior Conservatives think Hunt will stand down as an MP to avoid a “Portillo moment”, referring to then defence secretary Michael Portillo’s defeat during the 1997 general election. A spokesperson for the chancellor has denied this claim – saying “Jeremy Hunt will stand as the Conservative Party candidate for Godalming & Ash at the next general election.