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Loan claim: BoE governor says Help to Buy should be temporary

The Bank of England (BoE) governor, Sir Mervyn King, says that the Help to Buy scheme should only be a temporary measure.

Mr King said that the scheme is "too close for comfort to a general scheme to guarantee mortgages," and suggested that it could be damaging to the mortgage market in the long term.

He said that the UK should not follow in the footsteps of the US, where the government has been trying to find a way out of schemes that it is backing.

Under the Help to Buy scheme, the government can guarantee up to 15 per cent of the mortgage on homes worth up to £600,000.

It was outlined in the Budget, as the latest initiative to encourage growth in the UK housing market.

In his statement about Help to Buy, Mr King agreed that the UK's mortgage market is in a state of recovery.

The scheme will come into effect at the start of 2014 and will last until 2017.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801587461-ADNFCR

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