§ Mr. TrimbleTo ask the Chancellor of the Exchequer how many schemes to turn owner-occupiers experiencing mortgage difficulties into tenants or shared owners have now been established, indicating the number of families assisted in each case.
§ Mr. NelsonSeven mortgage-into-rent schemes have been established through which existing borrowers can become tenants, and six of these are by the largest mortgage lenders. Lenders are also developing other rescue schemes such as shared appreciation mortgages, where the lender takes part payment of the mortgage in return for a share in the equity gains from the sale of the property.
Many separate discussions are now under way between borrowers and lenders about which arrangements are most appropriate for dealing with the difficulties raised by individual cases. It is too early to say how many families are likely to be helped by particular measures, but the Government remain keenly interested in developments. 181W The Chancellor, along with the Secretary of State for Environment, will meet representatives of the major lenders on 2 June to review progress.