UK home loan scheme criticised by bank chief

The governor of the Bank of England has castigated a mortgage assistance scheme similar to one being proposed by the Government.

He said: “Help to Buy is a relatively small programme at this point, but it could grow a lot and it could change attitudes in other parts of the mortgage market. That’s why we have to be vigilant.”

While the Irish scheme is restricted to first-time buyers and average-sized homes, the broad parameters are the same, and pose the same difficulties, experts here warn.