Mortgage lenders hesitate over Help to Buy

Three of the UK’s largest mortgage companies are still on the fence over whether to join the government’s Help to Buy scheme.

Santander, Nationwide and Barclays have said that they are reviewing the scheme’s details before announcing a decision on participation.

So far five lenders are on board with the government’s divisive initiative. Halifax, RBS and NatWest are set to begin taking applications this week, with HSBC, Virgin Money and Aldermore joining later.

Prime Minister David Cameron said he was happy with the level of interest being shown so far and Chancellor George Osborne said the housing market was recovering from low levels of activity.

However, Chris Leslie, shadow chief secretary to the Treasury asked whether homes as expensive as £600,000, the upper limit for eligibility for the scheme, should be included, adding that more affordable homes should be built.

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