Building Societies (Mortgages on Older Properties)

HC Deb 25 July 1969 vol 787 cc536-7W

Mr. Frank Allaun

asked the Minister of Housing and Local Government if in order to overcome the drop in private house building, he will consider taking steps to permit and encourage building societies to grant mortgages on the purchase of old houses and on the improvement of old houses.

Mr. MacColl

Building societies have power to lend, and do lend, on older properties, though when they do not have the funds to meet all applications for loans the scope for this is correspondingly limited.