Britain’s biggest mortgage lenders are set to urge Chancellor Kwasi Kwarteng to commit to renewing the Mortgage Guarantee Scheme, which is scheduled to expire at the end of the year, Sky News understands.
Kwarteng summoned bosses of major banks and building societies following the mass withdrawal of products following his mini-budget.
But sources have told Sky News that the banks aim to use today’s meeting to encourage Kwarteng to extend that scheme which was initially launched in spring last year.
The scheme sees the Government underwrite any losses incurred on mortgages above 80% of the purchase price of a property.
Executives from Nationwide, Barclays, Lloyds Banking Group, NatWest Group and trade body UK Finance are all expected to attend the meeting.
