The CML chairman questioned the timing of the initiative which was launched just a year after the government’s New-Buy scheme.
Speaking at the CML annual lunch today Terrington said: “We do still have New-Buy - but only just - although people believe that it will quietly fade away once the new Guarantee Scheme goes live.
“The Mortgage Guarantee Scheme is one of the two separate initiatives that are now – not entirely helpfully – single-branded as Help-to-Buy.
“But I ask you how long did any of Help-to-Buy’s predecessors last before we found ourselves waving goodbye to one initiative whilst at the same time welcoming yet another? What certainty does this evidence?
“I wonder whether lenders and the CML would have worked so tirelessly – with so many through-the-night lawyer sessions – as well as the millions of pounds of implementation costs – to get the New-Buy scheme up and running had we known that Help-to-Buy would be announced only a year later.”
Terrington made the comments during his speech at the CML Annual lunch which was held earlier today.
