The City minister is to hold talks with some of Britain’s biggest banks in the lead-up to the autumn statement as the government looks to extend its flagship scheme for first-time buyers.

Sky News understands that Andrew Griffith is to meet with mortgage lenders within the next fortnight to discuss an extension of the Treasury’s mortgage guarantee scheme into next year.

The timing of the meeting had yet to be finalised on Monday, but Whitehall and industry sources confirmed that major banks were expecting to be called in ahead of the chancellor’s set-piece fiscal statement in late November.

The Sunday Times reported at the weekend that a package of support for first-time buyers was being lined up for the autumn statement.

An extension of the mortgage guarantee scheme, which enables homebuyers to acquire properties worth up to £600,000 with only a 5% deposit, is said to top the list of options.

Read more from business:
Housebuilder to cut 200 jobs and take profits hit
Former Telegraph owners resist bid to liquidate offshore company
Rail ticket office closures will go ‘too far, too fast’

A new form of ISA which incentivises savers to put money aside to buy their first home is also under discussion, the newspaper reported.

Be the first to get Breaking News

Install the Sky News app for free

The talks with industry come at a time when the surge in interest rates has piled fresh financial pressure on millions of British households.

Banks including Barclays, Lloyds Banking Group and NatWest Group are expected to attend the talks with Mr Griffith.

Nationwide, Britain’s biggest building society, is also likely to be invited.

The Treasury has been contacted for comment.

Related posts:

‘Outrageous’ Serco gives £5m bonus to frontline staff and £17m to shareholders Vauxhall plant future in the balance as government guarantee sought Brexit-supporting Wetherspoons boss calls for more EU migration Who are the new owners of Newcastle United? ‘It’s a dying trade’: How the departure of migrant workers has left a shortage of butchers Increase in price of mixers pushes up cost of gin and tonic Broughton lines up Wall Street and sports titans to back fully funded Chelsea bid Kwarteng to review Czech billionaire’s plan to increase stake in Royal Mail Land Securities lines up Channel 4’s Cheshire as next chairman Sunak eyes Songkick founder to chair government’s AI taskforce Crisis-hit CBI business group faces new cash crunch amid talks with rival Troubled Metro Bank kicks off £3bn mortgage book sale