§ Mr. Clemitsonasked the Secretary of State for the Environment (1) if, in view of the increase in the standard rate of income tax, he will take steps to abolish the waiting rule for changing option mortgages into normal mortgages;
(2) if, in view of the increase in the standard rate of income tax, he will take steps to increase the rates of subsidy for option mortgages to restore parity with the tax relief obtainable on normal mortgage interest payments.
§ Mr. FreesonIncreasing the option mortgage subsidy rates to take account of the recent change in income tax is being considered urgently. I have no proposal at present to abolish the waiting rule for changing from option mortgages to normal mortgages, although I will keep this matter under review.