Owning your own home

3.9 The scheme will also be designed to ensure that lenders cannot use the Government
guarantee to restructure the riskiest part of their existing loan book, and that borrowers remain
the beneficiaries of the intervention. For that reason there will be some types of remortgage
transactions that will not be eligible for the scheme. In particular, a lender will not be able to
access the scheme when a borrower is remortgaging a loan which is already part of the lender’s
existing loan book. A borrower remortgaging with a new lending institution would, however,
still be able to benefit from the scheme.

erm....I think that means that you can't take the equity out of your house but you could use the loan if you are struggling to remortgage...I think

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/221897/help_to_buy_mortgage_guarantee_scheme_outline.pdf