Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Cathy Jamieson Excerpts
Tuesday 14th May 2013

(11 years, 5 months ago)

Commons Chamber
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Danny Alexander Portrait Danny Alexander
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My hon. Friend makes an important point, and he will know that if mortgage rates increased by 1% it would add more than £10 billion a year to the costs for British households—not a consequence any of us on the Government Benches would welcome.

Cathy Jamieson Portrait Cathy Jamieson (Kilmarnock and Loudoun) (Lab/Co-op)
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When the priority should be helping first-time buyers, will the Chief Secretary finally rule out the Help to Buy scheme being used to buy second homes—yes or no?

Danny Alexander Portrait Danny Alexander
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Actually, I have been very clear on this question throughout. It is not the intention of the Help to Buy scheme to aid people in buying second homes. The part of the scheme already up and running—the shared equity scheme—is available only for someone’s primary residence, and we will set out details of the mortgage indemnity guarantee as we go forward. The intention is not to help people buy their second homes.

Cathy Jamieson Portrait Cathy Jamieson
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Is it not staggering that two months after the Budget the Chief Secretary is still unable to rule out people buying a second home for themselves under this scheme? Let me try another question. With house building at its lowest since the 1920s and the housing benefit bill rising, why did the Government not use funds from the 4G auction to build 100,000 more affordable homes?