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A government scheme to kick-start the UK mortgage market is not working, MPs have said.
The £50 billion ($104 billion) asset-backed scheme, announced in the country’s budget, provides guarantees on lenders' mortgage-backed securities – a step that enables them to sell on mortgages to investors, raising new money to lend to consumers.
But restrictions on which institutions can take part, and the types of loans that it covers, meant that it had so far experienced limited success, the MPs said.
Latest figures show that mortgage lending picked up in May. But the number of home loans was still 28 per cent lower than a year ago, according to the Council of Mortgage Lenders (CML).
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