asked the Minister for the Environment if he will make a special emergency fund available to help would-be house purchasers acquire mortgage finance, in order to offset the proposed severe mortgage increases.
Written Answers. - Mortgage Increases.
356.
The answer is "No". The Government have ensured through the local authority house purchase loans schemes that there is adequate finance available for those in the lower income group who wish to purchase a house. Net inflow of funds to building societies in the first ten months of this year are higher than for the same period last year. Also it would appear that bank lending for house purchase will show an increase this year over last year. Furthermore almost 25 per cent more loans for house purchase were approved in the first six months of this year than for the same period of last year. Generally it is expected that the housing targets for the year will be achieved and that there will be adequate house mortgage finance available for this purpose. In these circumstances, it is not clear what purpose a special emergency fund would serve.