Osborne warned over mortgages
George Osborne's Right to Buy mortgage scheme has been criticised as a "work in progress" that risks skewing the housing market at a huge cost to the Treasury.
What is the Treasury's Help to Buy scheme?
Help to Buy consists of two elements, an "equity loan" scheme and the mortgage guarantee.
Under the equity loan new or existing homeowners will need to raise a deposit of 5% of the value of the property they want to buy, but can borrow up to a further 20% from the Government on an interest-free basis. The biggest loan available will be £120,000.
The mortgage guarantee element will be available for all types of housing stock worth up to £600,000 from January. The Government will guarantee up to 15% of a mortgage, allowing people with 5% deposits access to lending.
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