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Mortgages

Volume 503: debated on Thursday 7 January 2010

To ask the Secretary of State for Communities and Local Government whether he has made an assessment of the variation between mortgage rates offered to homebuyers who wish to purchase a new-build home and those who wish to buy homes which have previously been owned and occupied. (307829)

Communities and Local Government is working closely with HMT, FSA and all those involved in the sale of new homes to support a sustainable and transparent mortgage market.

According to the CML Regulated Mortgage Survey, the average initial mortgage rate on new build was 4.63 per cent. in October 2009, compared to 4.42 per cent. on other properties.