§ Mr. Barry JonesTo ask the Secretary of State for Wales if he will take steps to make mortgages more affordable for young people; and if he will make a statement. [31005]
§ Mr. Gwilym JonesWe already have schemes which make home ownership more affordable for those on lower incomes, including young people, who cannot raise a sufficient mortgage to buy a home of their own. The successful homefinder and homebuy option schemes, operated by councils and housing associations respectively, allow people to buy a home for 70 per cent. of its value. The remaining 30 per cent. is held as a charge on the property and does not have to be repaid until the home is sold.