The NewBuy scheme designed to help first-time buyers climb on to the housing ladder could be stifled at birth unless major lenders cut their mortgage lending rate, warns Pete Redfern, chief executive of housebuilding giant Taylor Wimpey.
Interest rates offered as part of the scheme by NatWest, Barclays and Nationwide have already shot up from between 4.3 per cent and 4.8 per cent to more than six per cent, he said.
With variable mortgage rates in the wider market having started to rise since May 1, the upward pressure seems likely to continue.
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