HC Deb 25 February 1976 vol 906 cc252-3W
Mr. John H. Osborn

asked the Secretary of State for the Environment what is now the total indebtedness of local government in England, Wales, Scotland and Northern Ireland, respectviely, and in total; and if he will express this amount per capita of the population and per family, comparing the position with 1960 and 1955.

Mr. Armstrong

Under the Government option mortgage scheme the current normal building society gross rate of 11 per cent. is reduced to 7.2 per cent. and thus monthly repayments on a £10,000 annuity mortgage repayable over 25 years are £72.90, with a minor reduction in the final year. The overall cost, assuming no change in interest or subsidy rates, would be £21,794.10. The personal circumstances of the borrower are immaterial in reckoning the cost of repayments.