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Loan claim: Mortgage plans to cost taxpayers

An expert claims that the government’s plan to boost lending to first home buyers may impede growth.

In the Budget on March 20th, chancellor George Osborne announced the ‘Help to Buy’ scheme which was to see loans guaranteed for first time buyers.

However, Professor Larry Summers told BBC Newsnight that this would still see first time buyers taking out loans but that taxpayers would now be at risk of losses.

So far, plans to stimulate the housing market by encouraging lending have failed to stimulate growth.

The Bank of England previously invested billions in major banks to encourage them to lend mortgages to first time buyers at cheaper rates under the Funding for Lending Scheme (FLS). However, this has proved to be relatively unsuccessful as banks reduced lending by £2.4 billion in the last quarter of 2012.

The government has said that it may look at ways to get FLS moving again in future.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801562770-ADNFCR

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