Mortgages: Government Assistance

Treasury written question – answered on 11th June 2014.

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Photo of Roger Williams Roger Williams Liberal Democrat, Brecon and Radnorshire

To ask the Chancellor of the Exchequer if he will extend the Help to Buy Scheme to housing built with local affordable conditions attached.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

The Help to Buy: mortgage guarantee scheme offers lenders the option to purchase a guarantee on mortgages where the borrower has a deposit of between 5% and 20% of the value of the property. A mortgage supported by the mortgage guarantee scheme works in exactly the same way as any other mortgage, but has to comply with the requirements set out in the scheme rules. In particular, the scheme rules exclude the use of the mortgage guarantee alongside other Government schemes or shared ownership schemes.

The Help to Buy: equity loan scheme is managed by the Department for Communities and Local Government and is available to all those who aspire to own a new build home, but struggle to access or afford the repayments on a low deposit mortgage. The scheme is open to first time buyers and to those looking to move up the housing ladder.

While the Government keep all schemes, including Help to Buy, under review, the Government currently have no plans to extend the Help to Buy scheme.

Further information about both parts of the Help to Buy scheme can be found at:

http://www.helptobuy.org.uk/home

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