§ Mr. Arthur Lewisasked the Minister of Housing and Local Government whether he is aware that many local authorities have had to cease offering mortgages to potential house purchasers, as a result of Government policy; how many local authorities have so decided; what steps he proposes to take to assist young couples and others to obtain mortgages at rates of interest of three per cent. and on an easier basis; and whether local authorities will be included in such schemes.
§ Mr. GreenwoodI am aware that some authorities have expended their quotas for housing advances for this year but I regret a precise figure is not available. The option mortgage scheme, in which local authorities participate, is designed to help young couples and others of Limited means by providing an interest subsidy.
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§ Mr. Arthur Lewisasked the Minister of Housing and Local Government when the Government now intend to introduce the necessary legislation or regulations to enable potential house purchasers to obtain mortgages at rates of interest not exceeding three per cent.
§ Mr. MacCollThere is no intention to introduce such legislation or regulations, but mortgages available under the Option Mortgage Scheme provide for an interest subsidy of 2 per cent.