I must admit to being wary of government schemes to “boost” home lending, home construction and in general the demand side of housing.
It may give a boost to some, but those who don’t get the money are often disadvantaged – with house prices rising because of the scheme.
Those who are underwater on their mortgage will certainly be supporting rising house prices. However expensive housing is not such a great thing overall. Affordable housing for most allows people to get a good start in life and save for other things, rather than putting just about every cent they earn back into housing costs.
https://www.theguardian.com/money/2013/jul/22/credit-history-help-to-buy-property-buyers
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