Britain to introduce mortgage guarantee scheme within days - PM Cameron

Reuters

LONDON, Sept 28 (Reuters) - Britain will introduce amortgage guarantee scheme aimed at helping people buy their ownhome three months earlier than planned, Prime Minister DavidCameron said on Saturday.

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

Cameron said the scheme, which will offer guarantees for95-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 housingbubble in London by backing mortgages.

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