§ Mr. BrazierTo ask the Secretary of State for Defence how much the Royal Naval home purchase scheme costs; and how much it will cost to increase it from £3,500 to £12,000.
§ Mr. Archie HamiltonThe estimated cost of the long service advance of pay scheme, used by married RN personnel to assist in house purchase, is £2.7 million for the current financial year. The extra net cost of raising the maximum advance available to £12,000 is estimated to be about £31 million over 10 years, of which the majority would be required in the first three years. This estimate takes no account of the effect of fluctuations in the housing market on demands for advances. The scheme is self-financing over the long term.