§ I propose to take a similar approach to mortgage interest relief. As the House is aware, the rate of mortgage interest relief will fall from 25 to 20 per cent. in April. From April 1995, I propose to reduce it further, to 15 per cent., raising an additional £970 million in 1995–96. For those with mortgages of £30,000 or more, this will cost around £10 a month. That is a tiny fraction of the benefit borrowers are still receiving from the very substantial reduction in mortgage rates in the last three years.
§ The limit on loans qualifying for mortgage interest relief will remain at £30,000.