Mr. Edward M. Taylorasked the Minister of Housing and Local Government how many applications have been made for option mortgages in England and Wales; and how many of these applications have been approved.
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§ Mr. GreenwoodPresent indications are that some 10 per cent. of new borrowers are choosing option mortgages. Existing borrowers have until 31st December to decide whether to switch to option mortgages, but borrowers from a few lending agencies had to make their choice by 30th September. About 5 per cent, of these changed to option mortgages. I shall have fuller information in December. No approval is required for the purpose of the scheme, although the lending agencies will, of course, apply their usual tests before deciding whether or not to grant a mortgage.