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  1. National

Help to Buy scheme launched

The second phase of the Government's controversial £12 billion Help to Buy scheme is launched today . It is intended to help first time home buyers obtain mortgages worth up to 95 per cent of property values

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  1. Chris Choi

The 'No Help to Buy' scheme

For some this should be called the "No help to buy" scheme.

Banks are today making it clear they have no intention of relaxing their strict acceptance rules.

That means you won't get one of the new loans if you have a bad credit record.

The second phase of the government's Help to Buy scheme launched today Credit: PA

Nor will you get one if you fail the rigorous income checks designed to ensure you can afford the monthly repayments.

On an average property, that is likely to be around £1,000 a month if you're on a 95% deal.

These barriers to the scheme mean that many people's hopes will be dashed.

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