Equity moansPosted: March 6, 2014
In the furore over the Help to Buy mortgage guarantee scheme, its equity loan counterpart has escaped much scrutiny. A report out today changes that.
Help to Buy 1 started in April last year. Equity loans worth more than £500 million households were made in the first nine months of the scheme to almost 13,000 households. Another 9,600 loans were in the pipeline. If everything goes to plan over the next two years, 74,000 households will eventually benefit from equity loans worth £3.7 billion.
Today’s report from the National Audit Office (NAO) makes you remember that although it is small by comparison with the £12 billion of mortgage guarantees offered by its more controversial sibling, Help to Buy 1 is significantly bigger than the FirstBuy scheme that it replaced.
Read the rest of this post on Inside Edge, my blog for Inside Housing