Rates offered by banks taking part in the Help to Buy mortgage scheme were termed as little better than existing offers on the market by personal finance specialists.

Homebuyers were left disappointed on Tuesday by the government backed scheme, which is supposed to make property more affordable. The taxpayer backed guarantee providing loans for those with deposits of as little as 5% is currently being offered by three high street banks. However, mortgage specialists advised punters to wait for more lenders to enter the market and see if rates fall further or alternatively save a bigger deposit to take advantage of lower interest repayments. Read more here