Osborne warned by MPs over mortgage guarantee risks
George Osborne's flagship scheme to boost the housing market may not help first-time buyers and could cost the Treasury large sums, MPs have warned.
The government will guarantee mortgages for three years from January where applicants can put down a 5% deposit.
The Treasury Committee warned the chancellor's plan made the government an "active player" in the market with a financial stake in propping up prices.
Simon Gompertz reports.
20 Apr 2013