Oral Answers to Questions — Housing – in the House of Commons at 12:00 am on 14 October 1969.
Sir Walter Clegg
, North Fylde
12:00,
14 October 1969
asked the Minister of Housing and Local Government how long the repayment period is for a 90 per cent. mortgage on a £3,500 house originally for 25 years taken out in 1964, where to meet increased interest rates the option has been taken to prolong repayment.
Mr Reginald Freeson
, Willesden East
Building societies differ in the periods which they agree to extend repayments as an alternative to increasing them, but they would hardly permit the same monthly payment as in 1964 to continue because that would not be enough to cover current interest.
Sir Walter Clegg
, North Fylde
Is the Minister aware that the effect is that many people who hoped that when they retired they would have no more mortgage payments now have many years of payments in front of them?
Mr Reginald Freeson
, Willesden East
This is true, but it is not the first time that it has happened in the history of mortgage repayments.
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