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Half of brokers call for Help to Buy cancellation

  • 20/09/2013
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Half of brokers call for Help to Buy cancellation
More than half of mortgage brokers think the government should cancel the mortgage guarantee phase of Help to Buy amid continued criticism of the scheme.

Last week Vince Cable warned that the scheme could cause a house price bubble and joined other critics of the scheme including former Bank of England governor Mervyn King, the IMF and the Adam Smith Institute.

The latest Mortgage Solutions People’s Poll asked brokers whether Help to Buy should go ahead as planned or if George Osborne needs to make changes to his flagship scheme.

More than half (51%) of brokers said that the scheme should be cancelled completely while a further 20% felt the government should scale it back in some way.

Just 29% of respondents felt that the scheme should go ahead without any changes.

“Obviously the government is going to have to look at that in the light of the way the market is developing,” Cable said last week.

“We should certainly think about how it should come into effect, whether indeed it should come into effect, in the light of changing market conditions.

“We don’t want a new housing bubble.”

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