Question to the HM Treasury:

To ask the Chancellor of Exchequer, what discussions he has had with representatives of the mortgage sector on the availability to first-time buyers of mortgages requiring a minimum deposit of (a) 10 per cent, (b) 15 per cent and (c) 20 per cent.

This question was answered on 16th September 2020
The Chancellor and I are in regular discussions with mortgage lenders regarding the availability of competitive mortgage products on the market (including high loan-to-value mortgages).

There has been a reduction in the number of products at all loan-to-value (LTV) levels as lenders have focused resources towards their existing customers requiring support. While this has limited the availability of higher LTV lending some products do remain available, and overall mortgage lending is recovering, with the number of mortgage approvals approaching pre-Covid levels.

Ultimately the availability of mortgage products are commercial decisions and lenders make decisions on their own risk appetite, considering factors such as market conditions and the funding they possess.