§ Mr. Barry JonesTo ask the Secretary for Wales when he proposes to visit Theatr Clwyd; and if he will make a statement. [6639]
Mr. John M. TaylorI have been asked to reply, because most mortgage advertising and the calculation of the annual percentage rate of charge for credit is regulated under the Consumer Credit Act 1974.
As some recent court cases have shown, there have been difficulties over the interpretation of the regulations on APR for low-start mortgages. Officials in my Department are discussing with representative of the mortgage lenders how these difficulties might be resolved in a way which gives consumers a clear, balanced view of future commitments.