§ Mr. Ronnie Campbell
To ask the Chancellor of the Exchequer what plans he has to ease the financial situation of property owners whose mortgages exceed the value of their property; and if he will make a statement.
§ Mr. Nelson
On 20 October 1992,Official Report, column 243, I announced two measures to help property owners whose mortgages exceed the value of their property. Further details of one of these measures—allowing the security of a new property to be substituted for the previous one without loss of mortgage interest relief—were announced in the Budget and the measure took effect on 16 March.