HC Deb 20 February 1978 vol 944 c1096

Queen's Recommendation having been signified—

Resolved, That for the purposes of any Act of the present Session to authorise the use of public money for assisting first-time purchasers of house property, and for connected purposes, it is expedient to authorise the payment out of money provided by Parliament of sums required by the Secretary of State— (a) for making advances to recognised lending institutions enabling them to provide assistance to first-time purchasers of house property, where the purchaser obtains finance by means of a secured loan from the institution, the assistance to be provided as follows—

  1. (i) the secured loan may be financed to the extent of £600;
  2. (ii) £600 of the loan may be made free of interest, and of any obligation to repay principal, for up to five years from the date of purchase; and
  3. (iii) the lending institution may provide the purchaser with a bonus on savings, up to a maximum of £110;
(but so that any of these money sums may be altered by order with Treasury consent); (b) for indemnifying lending institutions in respect of loss suffered in cases where assistance has been given under the Act; and that for the purposes of the said Act of the present Session it is expedient also to authorise payments into the Consolidated Fund.—[Mr. Shore.]