David Cameron has confirmed that he plans to bring forward a scheme of state-backed mortgages to help increase home ownership to next week. The so-called Help To Buy scheme had not been due for another three months.
Prime Minister David Cameron has said that bringing forward the state-backed Help to Buy scheme is good news as it will stop people's home buying aspirations being "trashed".
He told the BBC's Andrew Marr show: "As Prime Minister I'm not going to stand back while people's aspirations to get on the housing ladder, to own their own flat, to own their own home are being trashed.
David Cameron should bring forward investment to build more affordable homes instead of introducing the Help To Buy scheme, the shadow chancellor said today, after the Prime Minister confirmed that it would be introduced next week.
Ed Balls said: "Unless David Cameron acts now to build more affordable homes, as Labour has urged, then soaring prices risk making it even harder for first time buyers to get on the housing ladder.
"The Bank of England should immediately review the details of the scheme now before they are set in stone, rather than wait a year. "
5% is still a lot though. We have a lot of new builds being built near us and for a home that would suit our needs, we'd still need a large deposit. Surely mortgages should be based on what you can afford to pay back.
– Carly Michelle Jolley
A good idea if helps us all who are in private renting where it is expensive.
– Ann Faramus
Dodgy ground. More people with mortgages that if interest rates shot up suddenly couldn't afford to meet monthly payments.
David Cameron has said he will not "stand by" as young people fail to get on to the housing ladder. The Prime Minister told The Sun that he would bring the state-backed Help To Buy scheme forward to next week.