Lenders and housebuilders summoned for Help to Buy meeting

CHANCELLOR George Osborne has summoned Britain’s housebuilders and mortgage lenders for a meeting today, to discuss the second phase of the Help to Buy Scheme.

The scheme was first launched four months ago and allows people to buy new homes with just a five per cent deposit.

The biggest lenders, including Lloyds, RBS, Nationwide and Barclays will be called into Number 11 to discuss broadening the scheme to help buyers of existing homes.

Although lending and housebuilding have both been boosted by the scheme, there are concerns that it could lead to a new credit crisis, similar to the one that caused the crash in the first place.

Mervyn King, the former Governor of the Bank of England, has spoken out previously and today to condemn plans to extend the scheme.

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