§ Mr. Graham Pageasked the Minister of Housing and Local Government if he will list in the OFFICIAL REPORT for each of the past 10 years the monthly mortgage repayments required for a 90 per cent. mortgage taken out for a new average-priced house in each year, allow- 322W ing for the changes in mortgage interest rates during this period.
§ Mr. MacCollThe monthly payments, at the time the mortgage was taken out, on a 25-year mortgage for 90 per cent. of the purchase price of a new house whose price was equal to the average for new houses mortgaged to building societies, at the rates of interest recommended by the Building Societies Association, are as follows:
Year Monthly Payment (Rounded to nearest shilling) £ s. d. 1959 13 14 0 1960 15 1 0 1961 17 6 0 1962 18 8 0 1963 18 14 0 1964 20 3 0 1965 23 14 0 1966 26 5 0 1967 27 17 0 1968 30 12 0 1969 34 6 0 NOTES:
(a) The figures for 1969 are based on average prices in the first quarter of the year.
(b) The figures in column 2 are of gross repayments, with no allowance for tax relief or option mortgage subsidy.