Britain To Introduce Mortgage Guarantee Scheme Within Days - PM Cameron

by
Reuters
Britain will introduce a mortgage guarantee scheme aimed at helping people buy their own home three months earlier than planned, Prime Minister David Cameron said on Saturday.

Britain's Prime Minister David Cameron is seen addressing the House of Commons in this still image taken from video in London

Britain will introduce a mortgage guarantee scheme aimed at helping people buy their own home three months earlier than planned, Prime Minister David Cameron said on Saturday.

"I won't stand by while hardworking people can't afford a home. That's why I'm bringing forward 'Help to Buy' scheme," Cameron said in a statement on the eve of the Conservative party conference.

Cameron said the scheme, which will offer guarantees for 95-per-cent mortgages for homes up to 600,000 pounds ($967,300), would start next week. It had been due to begin in January 2014.

Critics of the government have said it is stoking a housing bubble in London by backing mortgages.