Osborne Ramps Up Mortgage-Boosting Plan as Concerns Remain
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U.K. Chancellor of the Exchequer George Osborne began the second phase of his mortgage-boosting plan as concerns persist that it will fuel a property bubble.
Royal Bank of Scotland Group Plc’s Natwest unit and Lloyds Banking Group Plc’s Halifax and Bank of Scotland will start offering Help-to-Buy mortgages this week, with Virgin Money Holdings U.K. Ltd. and Aldermore Bank planning to start in 2014, the Treasury in London said in a statement today. The program allows people to buy a home costing as much as 600,000 pounds ($964,000) with a deposit of as little as 5 percent.