Help to Buy: Dave’s dream

David Cameron’s cheerleading for the successful launch of the Help to Buy mortgage guarantee scheme unwittingly reveals more than he might have intended.

In a statement issued last night, the prime minister said that 2,384 households have put in offers under the controversial scheme and ten have already completed.

The figures come from applications backed by a decision in principle for 95 per cent mortgages by RBS and Lloyds, the semi-state owned banks. The average advance is £155,000 on homes worth £163,000, which Cameron said demonstrated that Help to Buy is supporting responsible lending.

Read the rest of this post on Inside Edge, my blog for Inside Housing