Help to Buy Scheme

HM Treasury written question – answered on 7th April 2017.

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Photo of Lord Cooper of Windrush Lord Cooper of Windrush Conservative

To ask Her Majesty’s Government what has been the total cost of the Help to Buy mortgage guarantee scheme since its introduction.

Photo of Lord Cooper of Windrush Lord Cooper of Windrush Conservative

To ask Her Majesty’s Government how many (1) individuals, and (2) families, have bought homes through the Help to Buy mortgage guarantee scheme.

Photo of Baroness Neville-Rolfe Baroness Neville-Rolfe The Commercial Secretary to the Treasury

The Help to Buy mortgage guarantee scheme was designed to be self-financing through the commercial fee that lenders paid for the provision of the Government guarantee. The fee was set to cover the administration cost, the cost of capital of providing the guarantee and expected losses from loans guaranteed under the scheme.

The total cost of running the Help to Buy mortgage guarantee scheme from its introduction in 13 October to 31 March 2016 was £11.9 million. This has been paid in full with the commercial fees collected from lenders.

The Treasury routinely publishes Official Statistics on the performance of the Help to Buy: mortgage guarantee scheme. The most recent publication was on 30 March 2017. This showed 101,960 mortgages had been completed with the support of the scheme. We do not record whether mortgage applications submitted to the scheme are made by a single individual or jointly.

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