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Bank scraps funding for 'discredited' help to buy
Bank of England scrapped funding for cheap mortgages
The Tory help-to-buy housing bung looks "foolish and discredited" after the Bank of England scrapped funding for cheap mortgages, economist Michael Burke said yesterday.
The bank had been helping high-street lenders to offer low-interest mortgages and personal loans though its funding for lending scheme.
It ran alongside the government's help-to-buy housing scheme, which guarantees mortgages for lenders with deposits as little as 5 per cent.
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