Housing: Mortgages

House of Lords written question – answered at on 30 March 2011.

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Photo of Lord Laird Lord Laird UUP

To ask Her Majesty's Government what assessment they have made of the level of mortgages available from banks in the United Kingdom; and what steps they propose to take to support first-time property purchases.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Government recognise the importance of a sustainable mortgage market to support a stable housing market.

The current low levels of mortgage lending reflect a fall in demand, due to economic uncertainty. They also reflect a fall in supply, as banks take a more cautious approach to lending in light of the mistakes made in the run-up to the crisis.

The Government are determined to ensure that creditworthy borrowers looking to buy a home or move should have access to affordable mortgages.

That is why in the Budget last week, the Chancellor announced that Government will provide equity investment, jointly funded with house builders, through a FirstBuy programme assisting over 10,000 first time buyers to purchase a new-build property.

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