Scheme has gone from strength to strength but some feel new-build market is too reliant on government-backed loans
Opinions of the Help to Buy equity loan scheme vary depending on who you ask. One of the 144,000 users of the scheme would no doubt be delighted with the idea. But critics say the project, like an iron lung, is artificially keeping much new-build lending alive and also fuels issues that worsen the housing crisis.
The equity loan scheme –introduced by former chancellor George Osborne five years ago – has proved to be “a roaring success”, according to many in the mortgage industry.
The figures speak for themselves. The loans have helped fund the purchase of more than 144,000 new-build properties. More than eight out of 10 of these properties have been bought by first-time buyers.