§ Sir A. Meyerasked the Minister of Housing and Local Government if he will give an estimate of the cost of the new option mortgage scheme for each of the next five years.
§ Mr. MacCollMy right hon. Friend estimates that the net cost of the scheme will be of the order of £10 millon to £12 million in the first full year. How soon it will reach this figure will depend on the date on which the scheme comes into operation, and the rapidity with which existing mortgagors take advantage of it. The amount of the subsequent increase, and the rate at which it develops, will depend on the number of people who have wanted to be owner-occupiers in the past but will only now be able to afford it.