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Option Mortgage Guarantee Scheme

Volume 14: debated on Tuesday 8 December 1981

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asked the Secretary of State for Northern Ireland whether he has reviewed the valuation limit on properties that can be covered by the option mortgage guarantee scheme.

I decided in line with a similar change made in Great Britain to increase from 24 July 1981 the valuation limit under the option mortgage guarantee scheme for Northern Ireland from £14,000 to £20,000. This will enable a greater number of borrowers under the option mortgage scheme who are purchasing properties with the help of high percentage advances from building societies and who are required to take out insurance to guarantee part of the advance, to do so.I also decided to increase from £350 to £625 the maximum amount which a borrower who is improving a dwelling with grant aid may add to his main advance without incurring an additional premium.