Oral Answers to Questions

Marcus Jones Excerpts

Tuesday 10th September 2013 Commons Chamber

[Mr Marcus Jones (Nuneaton) (Con)]

I recently met a constituent who purchased a one-bedroom flat at the height of the boom when she was single. She is now married and expecting her first child. They are desperate to move but are in negative equity and cannot move, despite having two good incomes and good savings. Will the mortgage guarantee scheme offer a positive solution for my constituents, and how can they access the scheme?

[Greg Clark]

Yes it will. The scheme is available to purchasers who already own their own home but want to move to a bigger one, perhaps because, like my hon. Friend’s constituents, they have had children. They are currently trapped in the home they have bought, and that is why the scheme we are introducing is important. It will allow people who can afford to pay the mortgage to achieve their dream of home ownership.