§ Mr. PicklesTo ask the Secretary of State for the Environment, Transport and the Regions if he will make a statement on the standard national rate on mortgages set by local authorities; and if he will change the way the rate is set to bring it closer to commercial interest rates. [108037]
§ Mr. MullinThe standard national rate of interest on local authority mortgages is declared from time to time by the Secretary of State in accordance with Schedule 16 to the Housing Act 1985, taking into account prevailing building society interest rates. The current standard national rate is 6.51 per cent. There are no current plans for changes to the way in which the standard national rate is calculated.