Reluctant lenders refuse to commit to Help to Buy On Sunday, Prime Minister David Cameron revealed Help to Buy will launch next week, three months earlier than originally planned. It is understood the announcement, made at the start of the Conservative Party conference, came as a surprise to the rest of the market. Paul Broadhead, head of mortgages at the Building Societies' Association, said about one in three building societies offer mortgage deals underpinned by guarantees from private insurance firms, adding these lenders are unlikely to sign up to Help to Buy. "These arrangements deliver many of the same benefits as the government scheme will and the societies involved are likely to carry on because it will be too much effort to switch," he said. Ray Boulger, of mortgage broker John Charcol, added it is unlikely that many lenders will sign up to the scheme over the next few months. He said: "I don't believe any of the other lenders are even close to deciding whether to participate, and if so on what basis." Some mortgage lenders are reported to be wary about participating in the scheme due to fears about the risks of lending money at a loan-to-value of 95pc. After the 2008 financial crisis banks were criticised as "irresponsible" for lending more to people for mortgages than they could afford. The second phase of Help to Buy will be available to both first-time buyers and existing home owners buying new build and older properties worth up to £600,000. Borrowers will need a 5pc deposit and the lender will buy a guarantee from the Government covering up to 15pc of the value of the property.