Tens of thousands of young people will be able to make it on to the housing ladder under a Government-backed mortgage scheme to be unveiled by Rishi Sunak in next week’s Budget. Under plans to turn “generation rent” into “generation buy”, the Treasury will offer lenders a guarantee to ensure they can issue mortgages to first-time buyers and current homeowners covering 95 per cent of property value, up to £600,000. This means buyers will need just a five per cent deposit. The proposals have been drawn up by Treasury officials in recent weeks, with discussions with banks well advanced. It is expected to closely resemble the Help to Buy mortgage guarantee scheme, introduced by David Cameron’s administration. On Friday night, the Chancellor said: “By giving lenders the option of a government guarantee on 95 per cent mortgages, many more products will become available, helping people to achieve their dream and get on the housing ladder.” Meanwhile, in an interview with the Financial Times, Mr Sunak warned he would “level with people” over the “enormous strains” in Britain’s public finances due to the pandemic. Although Wednesday’s Budget will see many of the coronavirus support schemes, such as furlough, rolled over while lockdown restrictions remain, the Chancellor said that tax rises would be needed in the long-term. In the Budget, Mr Sunak will also announce a £126 million cash injection for apprenticeships, which will include a programme enabling trainees to work at multiple companies.