Commons Sense

House of Commons · Ministers' Questions

Home Ownership

Tuesday 22 June 2021 · 3 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 3 Partly answered 0 Not answered 0

Key points

  • Government committed to helping people own their own home
  • Government's new mortgage guarantee scheme increases mortgage availability for those with a 5% deposit
  • Government investing over 5 billion in building safety and remediation of unsafe cladding

Topics (select to filter)

Questions & Answers

Q1 Jack Lopresti Con
Housing
Context

The question arises from the government's initiative to assist people in achieving home ownership, focusing on the steps being taken by the Department.

Question

What steps his Department is taking to encourage home ownership. The Government are committed to helping people own their own home and need clarity on specific measures they are implementing to support this goal.

Answer from John Glen

The Government's new mortgage guarantee scheme is increasing the availability of mortgages for credit-worthy households who only have a 5% deposit. Additionally, the lifetime ISA provides a bonus to those under 40 saving towards a home, worth up to £450,000.

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Q2 Julian Lewis Con New Forest East
Taxation Housing
Context

The question is prompted by a report in The Sunday Times detailing significant financial burdens on leaseholders due to defective buildings, such as cladding and extra storeys imposed by freeholders and developers.

Question

Why should anyone risk purchasing a lease on a residential flat if we fail as a Government to protect innocent leaseholders from bearing the costs of defective extra storeys or defective extra cladding forced on them by those who are actually responsible for such terrible defects? The questioner asks for clarity on government measures to prevent developers and freeholders from imposing excessive financial burdens on innocent leaseholders.

Answer from John Glen

The Government are investing more than £5 billion in building safety. An additional £3.5 billion has been announced for the remediation of unsafe cladding for all leaseholders living in high-rise residential buildings. A new tax on the UK residential property development sector and a new levy on developers of certain high-rise buildings have also been introduced to help pay for cladding remediation costs.

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Q3 Jack Lopresti Con
Housing
Context

The question is based on the success and impact of the Government's new mortgage guarantee scheme, which aims to make home ownership more accessible.

Question

Does my hon. Friend agree that the mortgage guarantee scheme has in a short time seen a dramatic increase in the availability of 95% mortgages, which will make home ownership a realistic goal for people aspiring to be homeowners? The questioner seeks confirmation on whether the scheme has led to an expansion of 95% mortgages.

Answer from John Glen

My hon. Friend is absolutely right. Since the scheme has been up and running—as he says, it has been a matter of only a few weeks—we have seen the provision of 95% mortgages expand from just five to 192.

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