NewBuy Guarantee scheme

NewBuy Guarantee scheme seems crazy.
£500,000 home loans backed by the taxpayer as NewBuy Guarantee scheme launched (telegraph article) Up to 100,000 people will get Government support to buy homes worth up to £500,000 in a Coalition move to revive the middle-class dream of home ownership, ministers will announce.
If you can actually afford to take on a mortgage for half a million pounds then do you need government help?
Of course you don't.
Does this address affordability?
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