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@user16171
OK.
I just had a chat with my dad who is an IFA and specialises in first time buyers and hard to mortgage rascals.
Looks like you put 5% down.
Government hypothetically put 15% down.
Lenders still lend at 95% LTV.
So you will get shit terms from the lenders and then, of course, you will start to pay interest on your 15% loan after 5 years.
The scheme will only be administered, so far, by three of the largest lenders.
To surmise;
Tax payers pay to bail the banks out.
The banks are told not to take risks anymore.
Banks stop taking risks like high LTV mortgages.
Tax payers then pay to encourage the banks to take more risk.
It might work in the favour of a few buyers with very specific circumstances, but it is not actually going to make much difference to the market for buyers.
It is, as my old man says, "a load of Etonites applauding their own farts".