§ Mr. Woodasked the Secretary of State for Trade and Industry whether he plans to withdraw the land mortgage exemption from the Consumer Credit Advertisements and Quotations Regulations 1980.
§ Mr. FletcherI have consulted interested parties on the timing and implementation of the Director General of Fair Trading's recommendation that the Consumer Credit Advertisements and Quotations Regulations should apply equally to all institutions engaged in house mortgage lending. I have decided that the exemptions should be withdrawn with effect from 1 September 1985, and I have today made amending regulations implementing my decision: they will be laid before the House on 30 July.
The regulations also delete regulation 8(2) of the Advertisements Regulations 1980 (which permits creditors to omit certain information from full credit advertisements for certain land mortgage or low-cost agreements): this will ensure that a prospective borrower has access to as much information as possible before taking on such a major financial commitment.