SHARED APPRECIATION MORTGAGE SCHEMES

Early day motion 130, tabled 16 November 2006 by Derek Wyatt (Labour). Signed by 45 members.

That this House notes that shared appreciation mortgage schemes were included as one of the 231 Millennium Products unveiled by the then Trade and Industry Secretary, Peter Mandelson in 1998; draws attention to his comments at the launch `Millennium Products are cutting edge, pioneering and innovative. They demonstrate British genius and expertise, highlighting our excellence in information technology, industry and science'; further notes that they certainly highlighted the City's brilliance at creating a scheme that gives their mortgage lenders at the time, Barclays Bank International plc and Bank of Scotland (now HBOS), 75 per cent. of any increase in the price of their properties when they are sold; and calls on the Government to commence talks with these two companies and others to find a solution to the 15,000 pensioners trapped in shared appreciation schemes.

Signatures by party: Labour 18, Liberal Democrat 11, Conservative 10, DUP 3, Social Democratic and Labour Party 2, Scottish National Party 1.