Extending shared equity schemes is not the answer to the difficulties being faced by homebuyers.

That is the view of Louise Cuming, head of mortgages at the price comparison website Moneysupermarket.com.

She was responding to a commitment from chancellor Alistair Darling to extend the key worker HomeBuy scheme.

Under the plans, people who can afford 50 per cent rather than 80 per cent of their properties will be eligible.

"Putting a significant focus of the Budget on open market HomeBuy products is a huge disappointment," Ms Cuming said.

"Equity share mortgages are a good option in principle, but they benefit so few borrowers that they are of absolutely no use for reigniting the stagnating mortgage market."

The credit crunch has left banks and building societies struggling to raise capital, which has in turn prompted them to tighten their lending restrictions.

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