§ 74. Mr. J. H. Osborn
asked the Minister of Housing and Local Government what is now the current rate of interest charged by the Housing Corporation to housing societies; how this compares with that charge by building societies to housing societies; and if he will now take steps to ensure that the Housing Corpora- 74W tion lends money at rates comparable to that loaned by building societies.
§ Mr. Freeson
The current rate normally charged by the Housing Corporation is 8¾ per cent., which is ¼ per cent. above the rate recommended by the Building Societies Association. The corporation as second mortgagee is required by direction to charge ¼ per cent. above the rate being charged by the first mortgagee.