§ Mr. Walter Johnsonasked the Secretary of State for the Environment what advice he has given to local authorities concerning the level of interest rates charged by the authorities to those buying their homes through a mortgage.
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§ Mr. ShoreLocal authorities have been advised to operate home loans schemes as far as practicable without loss. Current practice for variable rate mortgages is for the interest rate to be not less than ¼per cent. above the prevailing rate in the authority's Consolidated Loans Fund or loans pool, and for fixed interest mortgages to be at not less than ¼ per cent. above the appropriate Public Works Loans Board rate or the authority's external borrowing rate.