HC Deb 20 July 1976 vol 915 cc451-2W
Mr. D. E. Thomas

asked the Secretary of State for Wales what proportion of the total sum allocated by the building societies to take the place of local authority mortgage funds in Wales has been taken up.

Mr. John Morris

The Building Societies Association made an additional £5 million available in Wales when local authority funds for lending had to be curtailed. I understand that applications totalling about £1.7 million are being processed. Discussions with the building societies on the further progress of the scheme are continuing.

Mr. D. E. Thomas

asked the Secretary of State for Wales what guidance he has given to building societies regarding the criteria to be applied by the societies when allocating those mortgage funds which are intended to take the place of local authority mortgage funds; and, in particular, whether he has sought a relaxation of the age of house criteria and emphasised the need for 100 per cent. advances.

Mr. John Morris

The lending criteria adopted by building societies are a matter for each individual society. I have been assured by the building societies that they will be flexible in applying them.