§ Mr. Merchantasked the Secretary of State for the Environment if he will encourage local authorities to transfer their mortgage debt to building societies.
§ Sir George YoungThe Government urge local authorities to help as many of their mortgagors as possible to replace their mortgage loans with loans from building societies. Such a change benefits many borrowers who may pay a lower interest rate as a result; and it benefits local authorities by producing for them an earlier capital receipt. Clause 21 of the Housing and Building Control Bill would allow local authorities to contribute to the borrower's expenses in making the change.