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@dst2
If this is true, and its true that you don't have to make any payments on the loan from the government for 5 years then:
Say you are remortgaging a house valued at 600k with 450k left on the mortgage. Along with the new mortgage you take 120k interest free from the government and put it into a 5 year savings account @ 3.05% (from moneysavingexpert.com).
In 5 years you withdraw the savings, payoff the gov and are left with £19450.90 if the interest is calculated annually.
Though I can't believe that they will let people replace equity with this loan in a house they already own. That would be stupid.......