HC Deb 27 February 1940 vol 357 cc1897-8
56. Sir Patrick Hannon

asked the Financial Secretary to the Treasury under what authority notices have been issued by certain permanent building societies calling for the payment of mortgages by the end of three months or, as an alternative, increasing the mortgage interest by ½ per cent., making it 5 per cent. instead of the existing 4½ per cent.?

Captain Crookshank

These are matters arising out of private contracts between building societies and borrowers. If notices such as those referred to in the Question have been issued, it is to be assumed that they are in accordance with the terms of the contract in each case.

Sir P. Hannon

May I consult my right hon. and gallant Friend on this matter?

Captain Crookshank

Yes, Sir, if the hon. Gentleman likes, but he must remember that it is no concern of mine.

Mr. Wilmot

Will the Minister inform building societies that it is not in accordance with Government policy for the rates of interest to be raised in this way?

Captain Crookshank

Building societies are, no doubt, as well aware of the Government's policy as anybody else in this country.