§ 122. Mr. Renton
asked the Minister of Housing and Local Government whether he is aware of the hardship caused when the rate of interest, payable under the Small Dwellings Acquisition Acts, is altered after the date of execution of the mortgage deed; and whether he will introduce legislation to provide that there should be six months' notice before the introduction of new rates of interest.
The rate of interest payable on advances under the Small Dwellings Acquisition Acts is required under the Housing Act, 1935, to be a rate one quarter of one per cent. in excess of the rate fixed for loans to local authorities out of the Local Loans Fund one month before the date on which the terms of the advance are settled. I cannot hold out any hope of legislation on this matter.
123. Mr. Norman Smith
asked the Minister of Housing and Local Government what are the conditions under which a local authority may raise its housing loans to run for a period of less than 60 years.
Local authorities borrowing from the Public Works Loan Board for new housing schemes are required in all cases to borrow for the normal period of 60 years.