MPs warn of Help to Buy 'risks'

Press Association
PA
PA

%VIRTUAL-SkimlinksPromo%The Government has yet to demonstrate that its flagship Help to Buy mortgage guarantee policy is providing value for money, an influential committee of MPs has found.

The House of Commons Public Accounts Committee (PAC) warned that the scheme - under which Government equity loans finance up to 20% of the purchase price of homes worth up to £600,000 - has created a "medium and long-term risk" to the taxpayer in the shape of a £10 billion portfolio of loans which will impose a "heavy administrative burden" for decades to come.