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Mortgages

Volume 720: debated on Tuesday 16 November 1965

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24.

asked the Minister of Housing and Local Government whether it is his intention to introduce legislation for cheaper mortgages for house purchasers this session.

My right hon. Friend the Prime Minister said in the debate on the Address on 9th November that the Government's plans will be made known during this Session and legislation will be introduced at the earliest possible date; but we have to get the country's accounts into balance first. I have nothing to add to his statement.

First, do I understand from what the right hon. Gentleman has said that it is only the money factor which is preventing the legislation from being introduced now? Secondly, would he end some of the uncertainty which is being created, by saying whether the legislation will apply to existing mortgages?

I have nothing to add. We are preparing our plans. We shall announce them. Meanwhile, I would only add that our immediate plans for rate rebates will benefit owner-occupiers as well as everybody else.

Can the right hon. Gentleman confirm whether the First Secretary was right when he said at Erith that the plans would be made available this year?

My right hon. Friend was obviously referring to this Parliamentary year.