Cameron's first-time buyer scheme will recreate false economy

摘要

It sounds like deja vu all over again. Prime minister David Cameron's announcement on Monday of a new-build indemnity scheme makes possible the return of the 95% mortgage. It follows shared-equity initiatives from his own government and Labour predecessor to help buyers clamber on to the housing ladder but, like them, may be storing up more pain for the future. After all, wasn't it mortgages of 95% and above that helped get us all into the mess we're now in? The indemnity scheme was the headline grabber of a raft of otherwise reheated coalition and Labour housing proposals.