asked the Minister for the Environment if he is aware that the five major building societies have decided to reduce their percentage loans from 90 per cent to 60 per cent in some cases; if he is aware that this policy is causing grave concern to all those involved in buying and selling new houses; if he is aware that this is a further blow to the building industry; if he will state if his Department have any plans to deal with this matter; and if he will make a statement on the matter.
Written Answers. - Building Society Loans.
35.
I am aware that some building societies have introduced changed conditions regarding the size of loans they are prepared to advance and that such changes are of concern to those involved in the new house market. The determination of the amount to be advanced in any particular case is a matter entirely for the society involved having regard to all the circumstances of the case including the duty of the society to be satisfied as to, and their assessment of the adequacy of the security for the loan. However, my Department are pursuing the matter with the societies concerned.