Danny Kinahan – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Danny Kinahan on 2016-04-26.

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.

Harriett Baldwin

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.