Tory MP backs Help to Buy

Thu, 05 Sep 2013

Tory MP backs Help to Buy
The UK's chief financial secretary to the treasury Greg Clark has backed the coalition's flagship Help to Buy scheme.

In a blog post on Conservative Home, the Tunbridge Wells MP argued that the programme is simply a spiritual successor to Margaret Thatcher's Right to Buy project, which allowed council housing tenants to buy their property back from the local council at a discounted price.

Help to Buy is aimed more at getting first-time buyers on the ladder - offering those looking to purchase a home worth under £600,000 the chance to access a 20 per cent interest free loan that can allow people who would not otherwise be able to afford a 25 per cent deposit the chance to access lower repayment rates.

But despite criticism that the move will inflate the market, Mr Clark said the programme is part of a "Conservative tradition".

The financial secretary added: "Home ownership brings the guarantee that you won't be uprooted because the landlord gives notice, a valuable source of confidence and stability for many families."
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