Mortgage scheme to boost home ownership launches

12 March 2012 Last updated at 03:14 ET Help

People in England are being offered help to climb onto or up the housing ladder as the government's new mortgage indemnity scheme launches.

Under the scheme the construction industry and taxpayers will act as co-guarantors on new homes bought by existing or first-time buyers.

The government hopes the NewBuy scheme will enable people to borrow up to 95% of the value of new homes.

Critics argue the scheme is just a ruse to help the construction industry.

Joe Lynam reports.

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