Homebuy Scheme

Communities and Local Government written question – answered on 11th March 2009.

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Photo of Stewart Jackson Stewart Jackson Shadow Minister (Communities and Local Government)

To ask the Secretary of State for Communities and Local Government

(1) which organisations participating in the Government's Homebuy programme offer 100 per cent. mortgages to purchasers; and if she will make a statement;

(2) in which Homebuy schemes are potential homeowners permitted to seek a 100 per cent. mortgage.

Photo of Iain Wright Iain Wright Parliamentary Under-Secretary (Department for Communities and Local Government)

The Government wish to offer every household the opportunity of sustainable home ownership. The Homebuy programme, which offers assistance on a shared ownership or shared equity basis, requires prospective purchasers to secure a mortgage from a conventional lender, registered with the Financial Services Authority, for their share of the purchase, which is less than 100 per cent. of the property value. It is for individual lenders to decide the level of mortgage they provide on this share.

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