Downing Street Says » Treasury Announcement

» Monday, December 15, 2008

Treasury Announcement

Asked why anyone would buy a house at the moment with a 100% loan, the PMS said that there would be an announcement from DCLG this afternoon on the subject. It was clear that the long term demand for housing remained high and we remained committed to helping people on to the housing ladder. It was of course for individuals to decide according to their own particular circumstances what they wanted to do, but the Government remained committed to helping people get on the housing ladder. The situation in Britain was very different to the situation in countries such as America and Spain where there was a significant over supply of housing. This was not the case in Britain and the long-term demand for housing remained high.

Asked what the difference was between the bad 100% mortgages banks were offering and the good 100% mortgages that the Government was offering, the PMS said that what we were doing was providing help for people who wanted to get on to the housing ladder. We were doing it in a targeted way and any further questions should be addressed to the department.

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