HC Deb 23 July 1968 vol 769 cc255-6
6. Mr. Clegg

asked the Minister of Housing and Local Government what plans he has for revising the publication, "Your Guide to the Option Mortgage Scheme".

Mr. MacColl

Now that it is no longer necessary to include advice to existing borrowers, it should be possible to simplify the booklet, and my right hon. Friend has put in hand the preparation of a revised version.

Mr. Clegg

I am grateful to the Minister for that reply, but would he get on with the job as quickly as possible and include in the new pamphlet the effect of family allowances as given in the Finance Bill?

Mr. MacColl

The form of the booklet does not involve explaining the details of Inland Revenue legislation, but we shall certainly include a warning that people should look ahead for possible tax changes.

Mr. Rippon

Will it go further and warn people that as a result of the record level of interest rates it will now be very unwise to enter the mortgage option scheme without taking a great deal of advice?

Mr. MacColl

I am sorry if the right hon. and learned Gentleman seeks to underestimate the value of what has been a great improvement for very many people. All through the existing booklet we emphasised the importance of people considering very carefully before exercising their option.

9. Mr. Rossi

asked the Minister of Housing and Local Government whether he will take steps to raise the maximum Value figure in the London area for houses falling within the 100 per cent. mortgage guarantee scheme.

Mr. MacColl

No, Sir. It is too soon to contemplate any revision.

Mr. Rossi

Is the hon. Gentleman aware that, according to the figures published by the Co-operative Permanent Building Society for the last quarter of 1967, the average price of a new house in Greater London and the South-East was £5,482 in comparison with an average for the rest of the country of £4,351? Would not he agree that this places Greater London and the South-East in an unfavourable position because the scheme applies only to houses of under £5,000 in value?

Mr. MacColl

The hon. Gentleman is talking about average prices. The scheme is intended to help people of moderate means who normally would not be in the market at average prices or over but would be interested in cheap houses.