§ 31. Mr. Lambornasked the Secretary of State for the Environment what is the extent to which a mortgagor with (a) £25,000 mortgage and (b) £5,000 mortgage would benefit from the subsidy to building society interest rates.
§ Mr. ChannonNo building society mortgagor with a mortgage balance in excess of £13,000 will benefit from the bridging grant. A qualifying mortgagor in the first year of a 25-year annuity mortgage of £5,000 would pay £5.25 gross less over a 3-month period if the interest rate is reduced from 10 per cent. to 9.5 per cent.