HC Deb 31 July 1974 vol 878 cc324-5W
Mr. Michael Latham

asked the Secretary of State for the Environment (1) what payments, in total, he has made to insurance companies under the mortgage guarantee scheme contained in Section 30 of the Housing Subsidies Act 1967, since the inception of that scheme, as a result of the need to reimburse them following the default of a mortgagor;

(2) what proportion of option mortgages entered into since 1st April 1968 were accompanied by 100 per cent. guarantee arrangements under Section 30 of the Housing Subsidies Act 1967; and what is the total number of such 100 per cent. mortgages which have been issued since the inception of the scheme;

(3) what sum of money has been allocated by him by way of 100 per cent. mortgage guarantee under Section 30 of the Housing Subsidies Act 1967 for the current financial year.

Mr. Freeson

£23,200 had been paid out to insurance companies under the option mortgage guarantee scheme up to 31st March 1974. It is estimated that, up to that date, about 24,000 of 100 per cent. mortgages were included in the guarantee scheme, representing about 4 per cent. of all option mortgages and about 10 per cent. of the mortgages covered by the guarantee scheme. There is no separate record of the amounts paid out to insurance companies in respect of 100 per cent. mortgages included in the guarantee scheme, nor has a separate sum been allocated for such payments for 1974–75.