HC Deb 08 December 1978 vol 959 cc809-10W
Mr. Orbach

asked the Secretary of State for the Environment what arrangements are being made to continue the building societies' support lending scheme for local authority nominees in 1979–80.

Mr. Shore:

The support lending scheme is developing into an increasingly successful joint endeavour between building societies and local authorities. There is every chance that local authority nominees to building societies will take up the full £300 million of mortgage finance which the societies are making available in Great Britain in 1978–79. In view of the success of the scheme, and the additional contribution it is now making to meeting the needs of prospective home owners at the lower end of the market, the BSA has now agreed to recommend to participating building societies a substantial increase in 1979–80 to £400 million for Great Britain. Together with direct lending by local authorities, this means that over £550 million should be available in 1979–80 to nominees of local authorities. I welcome this action by the BSA and look forward to continuing cooperation between local government and the building societies next year.