Here are some of the key points from the Chancellors Spring 2021 Budget, where he has announced plans to help the economy recover from the Coronavirus pandemic.
Bringing back 95% mortgages
The Government revealed a ‘Mortgage Guarantee’ scheme by encouraging lenders to offer mortgages for those who can only offer 5% deposits.
Low-deposit mortgages will resurface on the market from as early as next month. The nations big lenders such as HSBC, Natwest and Lloyds Banking has bid to offer low-deposit mortgages to boost house purchases in the economy.
Stamp Duty Extension
Rishi Sunak has announced an extension to the current freeze on stamp duty by three months, allowing deals on the brink of completion to not collapse. Purchases up to £500,000 will continue to be free from the tax – and homes bought up to a value of £250,000 until the end of September.
You can use the government's Stamp Duty Calculator to find out what applies in your case.
Furlough scheme extended
It’s no secret that the pandemic has affected the working lives of millions of people across the UK. To avoid a drastic rise in unemployment and redundancies, the government introduced the Coronavirus Job Retention Scheme, or furlough scheme, which covers up to 80% of an employee's salary for the hours they can't work, up to a maximum of £2,500 per month.
Since last March, the scheme has been extended numerous times as the nation goes in and out of lockdown restrictions, and today the chancellor has announced that it will be extended to September 2021.
More support will also be announced for self-employed workers on Wednesday, with more than 600,000 people, many of them newly self-employed last year, now eligible for cash grants.