Concern over whether Help to Buy Mortgage Indemnity Guarantee Scheme will boost the housing market
13 May, 2013
Former Council of Mortgage Lenders Director General says the Government’s £130bn Help to Buy mortgage indemnity guarantee scheme is unlikely to gain support from lenders and boost the housing market.
Michael Coogan says the cost of the guarantees may put lenders off signing up for the scheme while borrowers may also be dissuaded if the cost of the guarantee is passed on through higher mortgage rates
Under the scheme, set to launch in 2014 and run for three years, the Government will offer a guarantee of up to 15% of the purchase price with the borrower putting down a deposit of between 5 and 15%.
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