George Osborne’s new mortgage guarantee scheme (“Help to Buy“) garnered him plenty of favourable headlines from Fleet Street but is the Chancellor on top of the detail? Asked this morning on the Today programme whether the £12bn scheme, which will underwrite mortgages for buyers with deposits of between 5-20 per cent, could be used by the well-off to buy second (or third) homes worth up to £600,000, Osborne was unable to say. The Chancellor made it clear that this was not the intention but would only say that he was “working with the industry”.
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