HC Deb 28 July 1958 vol 592 c87W
Mr. J. E. B. Hill

asked the Minister of Agriculture, Fisheries and Food if he will take steps to make known to farmers the facilities for assistance, particularly for farm improvements, which can be obtained from the Agricultural Mortgage Corporation.

Mr. John Hare

The Agricultural Mortgage Corporation makes loans on first mortgage for up to 60 years at fixed interest rates to owners and purchasers of agricultural properties in England and Wales. As my hon. Friend may have noticed, the Corporation has recently announced a reduction in its lending rate to 6 per cent.

The Corporation also makes loans to landowners under the provisions of the Improvement of Lands Acts, 1864 and 1899 for carrying out improvements to agricultural land and buildings. These loans are charged on the land improved by rent charges repayable over periods up to 40 years and may be granted even although a mortgage loan already exists.

Local bank managers will give all information, and if necessary assist in completing application forms. Descriptive leaflets and application forms can also be obtained direct from the Corporation.

Under the Improvement of Lands Acts applications for improvement loans have to be submitted by the Corporation to my Department for examination and later the work done is inspected by my officers. If the improvements for which a loan is required are to be carried out under the Farm Improvement Scheme much time and trouble would be saved if the applicant would indicate his intention to raise a loan when submitting his application for grant so that both can be considered together.

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