Only being able to “pay off” 5% of the property value PER YEAR, would put me straight off (unless I’m missing something).
The reality is, it would take you years to fully own the house, and if you sold it before hand, you’d obviously only take a percentage of the increase in value (assuming it does increase of course).
I’d say that for people struggling with the initial deposit, perhaps the governments help to buy option is better (whilst not great itself, and is more limiting, it could be a better alternative for some).
But, if unmortgage help a few people get on the ladder, super! 