HC Deb 05 May 1964 vol 694 cc1091-2
9. Mr. Spriggs

asked the Chancellor of the Exchequer what were the Public Work Loan Board interest rates at the end of 1950 and 1960 for house mortgages borrowed on 10 and 20 year agreements; and what were the monthly repayments for a £2,500 loan in each instance.

The Economic Secretary to the Treasury (Mr. Maurice Macmillan)

As the reply consists of a number of figures, I will, with permission, circulate them in the OFFICIAL REPORT.

Mr. Spriggs

I wonder whether the Minister would care to accept an invitation to visit the large number of people in my constituency who would like to buy a house for themselves and their families but who cannot afford to do so because they are in the £8–£10 a week wage group. Will the hon. Gentleman do something about helping these low wage earners? Will he accept my invitation to meet these people to discuss their conditions?

Mr. Macmillan

The Question on the Order Paper related to interest rates for loans from the Public Works Loan Board. The hon. Member is referring more to mortgage rates of building societies for private houses. That is a different question. If the hon. Member would like to put it on the Order Paper, I will answer it.

Following are the figures:

Date Loan repayment period
10 years 20 years
31st December, 1950:
Public Works Loan Board rate of interest 2½% 3%
Monthly repayments on loan of £2,500 £23 13s 7d. £13 18s. 7d.
31st December, 1960:
Public Works Loan Board rate of interest 6¼% 6¼%
Monthly repayments on loan of £2,500 £28 6s. 8d. £18 7s. 11d.