NewBuy mortgage scheme 'will really help people'

The government's new mortgage scheme offers a boost for those looking to buy homes in England, according to Grant Shapps the Housing Minister.

Speaking to BBC Breakfast, he rejected criticism of the NewBuy initiative, saying that action was needed as a generation risked being "locked out" of the housing market.

Under the scheme the construction industry and taxpayers will act as co-guarantors on new homes bought by existing or first-time buyers.

But critics argue the scheme is just a ruse to help the construction industry and could prove costly to tax payers.