Gregory Campbell – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Gregory Campbell on 2016-01-19.

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.