Written question asked by Danny Kinahan (Ulster Unionist Party) on Tuesday, 26 April 2016, in the House of Commons. It was due for an answer on Thursday, 28 April 2016. It was answered by Harriett Baldwin (Conservative) on Thursday, 5 May 2016 on behalf of the Treasury.

First Time Buyers: Loans

Question: To ask Mr Chancellor of the Exchequer, if he will take steps to reduce the obstacles to first-time house-buyers due to their outstanding student loans.

Answer

The Government is committed to making the aspiration of home ownership a reality for as many households as possible. The Government has announced a series of measures which will help people become homeowners, including plans to deliver 200,000 Starter Homes, 135,000 Shared Ownership homes and the Help to Buy: ISA, through which the Government tops up mortgage deposit savings for first time buyers by up to £3,000. The Government has also announced the creation of the Lifetime ISA, which will help young people save flexibly towards a first home and retirement at the same time.

The Council for Mortgage Lenders advise that a student loan is very unlikely to materially impact on an individual’s ability to get a mortgage.

This is because it is only repayable when a borrower’s income is over £21,000.

Secondary information

Type: Written question
Reference: 35574
Session: 2015-16
Subjects: Loans Students First time buyers
Link: View this Written question on www.parliament.uk

First Time Buyers: Loans

Secondary information

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