§ Mrs. Wiseasked the Secretary of State for the Environment whether he proposes any immediate change in the option mortgage subsidy scheme.
§ Mr. FreesonYes. My right hon. Friend proposes to restrict the availability of option mortgage subsidy on a similar basis to that proposed for tax relief as regards interest on large loans for house purchase and also on loans for the purchase of second homes. Amendments to the Housing Bill will be tabled to provide that option mortgage subsidy will in future be available only for loans of up to£25,000; and for the only or main residence of the borrower or of a separated or divorced spouse or of a dependent relative of the borrower. These restrictions on the subsidy scheme
462Wance is now£26.75 a week and each pound of income above this figure reduces rebate by only 6p.