Login
iscover
A government scheme to kick-start the UK mortgage market is not working, MPs have said.
The £50 billion ($104 billion) asset-backed scheme, announced in the country’s budget, provides guarantees on lenders' mortgage-backed securities – a step that enables them to sell on mortgages to investors, raising new money to lend to consumers.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
But restrictions on which institutions can take part, and the types of loans that it covers, meant that it had so far experienced limited success, the MPs said.
Latest figures show that mortgage lending picked up in May. But the number of home loans was still 28 per cent lower than a year ago, according to the Council of Mortgage Lenders (CML).
You need to be a member to post comments. Become a member for free today!
You are not authorised to post comments.
Comments will undergo moderation before they get published.