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Help to Buy scheme warnings

George Osborne has announced details of an extension to his mortgage guarantee scheme to help people buy existing homes, pledging that the plans "will boost housebuilding." But industry representatives have warned about the dangers of the policy.

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Lenders want 'clear exit strategy' in housing scheme

Mortgage lenders say they still don't have all the details they need to participate in the Government's new housing scheme.

The Council of Mortgage Lenders said the Help to Buy mortgage guarantee scheme, which is due to launch in January, must have a "clear exit strategy" and not create a housing bubble.

"Lenders, whether they choose to participate in the guarantee scheme or stay outside, will continue to do their utmost to meet households' needs for mortgages, but always in a way that is responsible," said CML director general Paul Smee.

George Osborne is set to announce more details on the scheme today.

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