§ Mr. Weetchasked the Secretary of State for the Environment (1) how many people have received the £600 interest-free house purchase loan since the inception of the scheme in each convenient statistical period;
(2) how much money has been advanced under the Government's £600 interest-free house purchase loan scheme in each financial year since its inception.
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§ Mr. StanleyThe benefits of the home purchase assistance scheme consist of a £600 loan—interest-free and repayment-free for up to 5 years—and a cash bonus of up to £110. Since 1 December 1980 when these first became payable, advances in England to participating lending institutions totalled £0.42 million in the financial year 1980–81 and £3.03 million between 1 April 1981 and 31 January 1982.
These advances reflect the lending institutions' estimates of demand, and would have enabled the benefits of the scheme to be provided to approximately 600 people between 1 December 1980 and 31 March 1981, and about 4,400 between 1 April 1981 and 31 January 1982.
§ Mr. Weetchasked the Secretary of State for the Environment if he will alter the regulations in regard to the £600 interest-free house purchase loan scheme so that the money can be advanced at exchange of contracts stage rather than on completion.
§ Mr. StanleyNo. Such a change would create disproportionate legal and administrative difficulties for the lending institutions which operate the scheme on behalf of the Government.