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Loan charges: Mortgage schemes causing house price rise

The price of houses has been rising since the implementation of mortgage incentives such as Help to Buy and the Funding for Lending Scheme (FLS).

According to statistics from Rightmove, the national average for house prices went up by 2.1 per cent in May. Meanwhile, the average asking price in London is now over £500,000 following a monthly rise of 3.1 per cent.

There is now a fear that opportunities for cheaper mortgages will create a housing bubble, so that only the elite will be able to purchase a property.

Help to Buy was unveiled in the Budget as a means to encourage movement in the property market by helping consumers get cheaper mortgages.

For houses worth up to £600,000, consumers can have 15 per cent of their mortgage guaranteed by the government.

Before that, the government invested in major banks on the proviso that they would then offer cheaper mortgages.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801588225-ADNFCR

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