Mr Gregory Campbell:
To ask Mr Chancellor of the Exchequer, if he will make it his policy to
provide assistance to people who have purchased homes under the Help to Buy
scheme in the event that interest rates subsequently rise.
Harriett Baldwin: The Government does not have any plans
to provide additional assistance to those who have purchased a home under the
Help to Buy scheme, in the event of a rise in interest rates. Since April 2014,
lenders have had to conduct an affordability assessment which includes a robust
income and expenditure analysis. In addition, lenders must consider the impact
of future interest rate increases on affordability. This ensures that mortgages
are only advanced where there is a reasonable expectation that the customer can
repay.
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