<p>Both Labour and the Tories are falling over themselves – again – to help Britain’s burgeoning band of would be first time buyers. What a surprise. The government was first to announce a “new” scheme for first time buyers. And this one’s going to be great because it’s “innovative.”</p> <p>Can’t get a big enough mortgage? No problem. Haven’t got a deposit? Still no problem. All you need is Open Market HomeBuy…</p> <p>Lucky qualifiers just need to apply for a regular mortgage for three quarters of the cost and then get an “equity loan”to make up the rest. Sounds good. But if I’ve got that right, it means getting a loan secured on a house you don’t own.</p> <p>Hmmm, perhaps my bank could provide me with a loan on a house I don’t own…. Can’t quite get my head around it but “innovative” sounds about right. Mind you, it’s not a patch on Cameron’s “why rent when you can buy?”wheeze for all housing association and council tenants.</p> <p>No job? No money? No future? Not a problem. All you need to do is convert your rent into a mortgage. In this way you too can become one of “a whole new generation”of …