The government’s Help to Buy scheme – a handout to the big beasts of the construction industry wrapped up as a fluffy social policy giving the hard pressed a leg up – has had an inauspicious start to life.
The scheme will share out £3.5bn in interest-free loans to buyers who can rustle up a mortgage deposit of just 5 per cent, each loan offering up to 20 per cent of the value of a new-build property worth £600,000 or less, and taxpayer backing for up to £130bn of mortgage lending.
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