HC Deb 25 November 1992 vol 214 c672W
Mr. Alfred Morris

To ask the Secretary of State for the Environment if he will introduce a mortgage benefit or mortgage-to-rent scheme to assist home owners who are in arrears with their mortgage and who face the prospect of their homes being repossessed and the prospect of homelessness.

Mr. Baldry

Lenders have introduced a range of measures this year, following the discussions between the Government and the Council of Mortgage Lenders in December 1991, including mortgage-to-rent to help borrowers at risk of repossession. Lenders estimate that these measures will save some 55,000 repossessions this year.

Interest rates have been reduced by 3 per cent. in the last two months, bringing the total reduction since October 1990 to 8 per cent. In addition, my right hon. Friend the Chancellor of the Exchequer announced in his autumn statement a package of £750 million for the purchase of empty properties overhanging the housing market.

We have no plans to introduce a mortgage benefit scheme.