NewBuy is struggling ahead of its scheduled launch next Monday with participants yet to agree terms.
Those close to negotiations between banks, government and housebuilders say all have agreed in principle to back the home loans scheme but serious reservations exist and there are still regulatory hurdles and information technology problems to overcome. The Financial Times reports a dispute between banks and housebuilders about the price banks are prepared to charge for the 95% loan to value. Crest Nicholson chief executive Stephen Stone said the scheme would be appeal to buyers if the rates were attractive. Alastair Campbell, an analyst at Collins Stewart, is sceptical of the likely success. The Home Builders Federation said everyone was committed to rolling it out as quickly as possible.
06/03/12 Financial Times 2
