"Government meddling in the mortgage market is fraught with risks and unintended consequences."
Chancellor Philip Hammond confirmed last week that the scheme would not be extended and will no longer be available after 2016.
The scheme, which has been available to buyers since January 2014, has seen over 89,000 mortgages taken out.
Tyrie said: “This is welcome news. The Treasury Committee identified a number of problems with it, not least that it would inflate house prices and create a substantial liability for the taxpayer.
“Government meddling in the mortgage market is fraught with risks and unintended consequences. The big challenge is to address the undersupply of homes, both to rent and to buy.
“Property taxation remains distortive. Taxpayer subsidies for home ownership increases demand and prices, and may do little or nothing to increase supply.”
