§ Dr. TongeTo ask the Secretary of State for Transport, Local Government and the Regions what assistance is available to key workers who are unable to top up their maximum borrowing potential to an amount sufficient to obtain a mortgage for a property in London under the Starter Home Initiative; and if he will make a statement. [26917]
§ Ms KeebleThe Starter Home Initiative will supplement the amount which key workers are able to borrow in order to help them purchase a home. In their bids for SHI funding, scheme managers set out the household incomes they will be targeting for SHI assistance, the range of property prices to be purchased and the amount of SHI funding required. SHI will be provided only to potential purchasers who can demonstrate that they can sustain the long term costs of home ownership. SHI will not benefit those who are unable to raise the other resources necessary for house purchase.