The government has yet to demonstrate that its flagship
Help to Buy mortgage guarantee policy is providing value for money, an
influential committee of MPs has found. The Commons public accounts committee
(PAC) has warned that the scheme – under which government equity loans finance
up to 20% of the purchase price of homes worth up to £600,000 – creates a
medium and long-term risk to the taxpayer in the shape of a £10bn portfolio of
loans that will impose a heavy administrative burden for decades to come. In a
new report the spending watchdog says the scheme was introduced smoothly and
quickly in 2013 and helped 13,000 home-buyers within nine months. But it notes that the CLG violated Treasury guidelines by
failing to carry out any assessment of alternative options before going ahead
with the scheme. Read the report on the PAC website.
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