HC Deb 25 April 1940 vol 360 cc368-70
65. Mr. G. Strauss

asked the Financial Secretary to the Treasury whether, with a view to preventing increases of mortgage interest rates during the course of the war, he will introduce legislation amending the Rent and Mortgage Interest Restrictions Act, 1939?

64. Sir Patrick Hannon

asked the Financial Secretary to the Treasury whether he has considered the letter, of 16th April, from the Town Clerk of Birmingham about the action of the Bradford Permanent Building Society in giving notice to call in mortgages arranged with owner-occupiers of small dwelling-houses at 4½ per cent. interest, and offering to waive such notices if the mortgagors agree to pay 5 per cent. interest as from 1st May, 1940, and calling his attention to the unanimous resolution of the Birmingham City Council condemning this action of this society; and whether he will introduce legislation to amend the Rent and Mortgage Interest Restrictions Act, 1939, in order to prevent such action being taken against small householders?

66. Mr. Ralph Etherton

asked the Financial Secretary to the Treasury whether he has now considered further the representations made by the hon. Member for Stretford, including letters from the Stretford Owner-Occupiers' Association, asking him whether he will introduce legislation to amend the Rent and Mortgage Interest Restrictions Acts or otherwise to protect owner-occupiers of small dwelling-houses against mortgagors who call in mortgages in order unreasonably to take that opportunity wrongly in the present emergency to increase their rate of interest, and calling attention particularly to the action of the Bradford Permanent Building Society; and what reply he has made?

Captain Crookshank

I have considered the letters and representations mentioned by my hon. Friends the Members for Moseley (Sir P. Hannon) and Stretford (Mr. Etherton). In reply, I would refer the hon. Members to my answer on Tuesday of this week to my hon. Friend the Member for Deritend (Sir J. Smedley Crooke).

Mr. G. Strauss

Is the Minister aware of the serious consequences if the Government take no action in this matter? Why do not the Government take immediate action?

Captain Crookshank

I have explained the position before, but I saw a report in the Press that the society had withdrawn their notices.

Mr. Strauss

My question was a general one and was not in regard to one particular society.

Captain Crookshank

The general point has already been dealt with in my previous reply.