Chris Seeks Update On Help to Buy Repayment Applications
Christopher Chope Conservative, Christchurch
To ask the Secretary of State for Housing, Communities and Local Government, pursuant to the Answer of 9 September 2024 to Question 4169 on Help to Buy Scheme, how many Help to Buy loan repayment applications are being processed; and how many and what proportion have been outstanding for more than (a) three and (b) six months.
Matthew Pennycook Minister of State (Housing, Communities and Local Government)
The requested information is not held centrally. Publicly available information covers total annual redemptions (see response to written Question UIN 4169).
Homes England do hold information on redemptions initiated and redemptions concluded in any given month. In the 3 months to September, for Help to Buy and associated legacy schemes, an average of 2104 redemptions per month were initiated and an average of 2260 concluded. Please note that these numbers are not directly comparable.
In order to be able to redeem a Help to Buy loan, several steps need to be completed by the customer, their surveyor, their solicitor and by the Help to Buy Mortgage Administrator. Timescales are therefore dependent on each of the parties. Redemptions may also be initiated by customers who subsequently decide not to proceed.
-ENDS- #5254
