HC Deb 06 August 1976 vol 916 c1206W
Mrs. Wise

asked the Secretary of State for the Environment what were the results of his discussions with the Building Societies Association on its policy of refusing to grant mortgages on old houses or older areas, namely pre-1919, with a view to obtaining modification of such policy.

Mr. Freeson

A rising percentage of building society loans has been going on older property. In the first quarter of this year 23 per cent—about 37,000—of all building society loans were in respect of pre-1919 property. In the 2nd quarter of 1975 the comparable figure was 17 per cent.—about 28,000 loans.

I hope that the closer working understanding which is already successfully developing between building societies and local authorities will help to avoid an over-rigid approach to particular areas of older property.

I have begun discussions with the Building Societies Association about the best ways in which they can help to fill the gap left by the cuts in local authority mortgage lending; these discussions are continuing.