Question to the Department for Levelling Up, Housing & Communities:

To ask the Secretary of State for Levelling Up, Housing and Communities, with reference to the Answer of 21 April 2022 to Question 154173 on Help to Buy Scheme, in the event that a first time buyer has saved for their mortgage under the Help to Buy: Equity Loan scheme but no affordable new Help to Buy properties are available, for what reason that first time buyer cannot use the equity loan against a second hand property.

The Help to Buy: Equity Loan scheme was designed to support people into homeownership, but also has a second key objective to increase housing supply. As a result, the scheme is only available on new build properties in order to support new house building and supply. Making the scheme available on second-hand properties would not have the same supply impact. For customers who are not able to utilise the Help to Buy scheme, the Government has a range of other housing products to support people into homeownership such as First Homes and the mortgage guarantee scheme.