First time buyers
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Help to Buy may be a long process, warns housing expert

From this week, banks in England are expected to start outlining new mortgages under the government's Help To Buy scheme.

The initiative means that banks are able to offer mortgages to people who only have a 5% deposit.

However Kate Faulkner, housing specialist from propertychecklist.co.uk, has warned first time buyers that the process may take longer than expected.

She told BBC Radio 5 live's Wake Up to Money: "In reality, it will be very difficult to get hold of funds and you may not be able to complete until the 2nd of January."

Go to next video: How will Help to Buy affect house prices?