§ 11. Mr. Allason
asked the Minister of Housing and Local Government what price he recommends to the Commission for New Towns for the transfer of ownership of a house to a sitting tenant and to the local authority, respectively.
§ 12. Mr. Allason
asked the Minister of Housing and Local Government what facilities for mortgages are being offered by the Commission for New Towns to tenants wishing to purchase their homes.
§ Mr. Denis Howell
My right hon. Friend recently reached agreement with the Building Societies' Association on joint arrangements for the financing of sales of Commission houses, and also those of development corporations. The Association have asked their members to see that first mortgages are available for not less than 70 per cent. of selling price or 75 per cent. of building society valuation, whichever is the lower. Corporations and the Commission will be encouraged to grant second mortgages, if necessary, sufficient to make up the full selling price.