hmmm
i can see the attraction if you have suddenly just decided you want to buy a house, but dont want to wait to save a deposit - and are good and actually save the deposit up once you are in
anyone else that takes up the offer is just going to default down the line when they cant pay it back (or get ruined on intrest fees)
im looking to buy next year, and have been saving for a deposit for about 6 months now, with another 8 to go, and its pretty boring and we would love to just get on with it and buy now. the overall mortgage amount isnt the problem, its that you need at least 20% deposit to get going and thats a huge amount of money if you live in the south, id need £60000 if I wanted (read could) to buy a house in the town I work in, as it is I have to drive 30-45 mins each way just to get the price down.
Not to mention the complete lack of building round here, nimbys just wont let any substantial amount of houses be built
I dont think the scheme will fix the problem, it may help a small amount of people, it will ruin a small amount too. for everyone else the price will just get inflated even more