§ Mr. Chichester-Clark
asked the Secretary of State for the Environment when he proposes to introduce legislation to amend the Housing Subsidies Act, 1967, so as to allow for the 100 per cent. mortgage guarantee scheme to be extended to persons who do not have option mortgages; and whether he will make a statement.
§ Mr. Amery
The option mortgage guarantee scheme, like the option mortgage scheme itself, is meant for borrowers of modest means. Others can obtain insurance cover in the ordinary way. I announced to the House on 6th May the 473W raising of the limit of value of a house to be covered by the option mortgage guarantee scheme from £5,000 to £7,500. I also announced that the Building Societies Association had undertaken to recommend to its members an arrangement whereby an applicant who had saved regularly with a building society, even for as short a period as six months, might be granted a mortgage advance above the normal limit.