§ 35. Mr. Frank Allaunasked the Minister of Housing and Local Government how many 100 per cent. mortgages have been provided to date under the Government's scheme; in how many cases his Department incurred liability; and if, in view of the small risk and high security provided, he will now extend the scheme to new categories of house purchasers.
§ Mr. FreesonOver half the borrowers taking option mortgages are using the option mortgage guarantee scheme, but there is no reliable estimate of the number of 100 per cent. advances. The Government have incurred liability in only one case. The guarantee scheme, like the option mortgage scheme, helps people of modest means. My right hon. Friend sees no reason therefore to extend it to others, who are in a better position to afford a deposit or get any excess over the normal loan guaranteed by insurance policy.
§ 36. Mr. Silvesterasked the Minister of Housing and Local Government what amount has been authorised for mortgages granted or to be granted by the London Borough of Waltham Forest in each of the years 1964 to 1970.
§ Mr. FreesonThe figures are as follows:
40W
£ million 1964–65 1.8 1965–66 1.4 1966–67 1.6 1967–68 1.4 1968–69 1.2 1969–70 0.5 The figure to be announced soon for 1970–71 on the basis explained in yesterday's circular will show a big increase on last year.
§ Mr. Winnickasked the Minister of Housing and Local Government what further action is being undertaken to extend mortgages to those on average and just above average incomes.
§ Mr. FreesonIn many parts of the country, house purchase is not beyond the means of a man whose income is at or just above the average. The improvement of the option mortgage subsidy has helped; and the increase in local authority house purchase lending already authorised for 1970–71 will further improve the opportunities for households of modest means to buy a house of their own.