The Bank of England has told the government that its
flagship scheme which has helped more than 79,000 buyers on to the housing
market can be closed without any impact on the supply of home loans. Help to Buy was announced in March 2013 by the then chancellor George Osborne with the
aim of encouraging lenders to provide mortgages requiring deposits worth 5% of
the value of a property at a time when they were demanding bigger deposits. The
scheme is scheduled to close at the end of this year, and the Bank’s governor,
Mark Carney, has told Osborne’s successor, Philip Hammond, that its closure
would not affect customers with small deposits. Read more on the Guardian
website.
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