MORTGAGES FOR AFFORDABLE HOUSING

Motion Text

That this House notes with grave concern that some banks and mortgage lenders are making it increasingly difficult for first-time buyers to get mortgages on properties with local occupancy agreements and other affordability restrictions by asking for unaffordable deposits of 20 per cent. and upwards; believes that until the flow of mortgage finance is restored and mortgage terms eased, the industry will not be able to raise housing output significantly; and calls on the Government to help first-time buyers by instructing those lenders who have received financial support from the Government to offer mortgages on affordable homes on the same basis as other properties.