§ Mr. WinnickTo ask the Chancellor of the Exchequer what is the estimated extra sum to be paid by a person with(a) a £20,000 mortgage, (b) a £25,000 mortgage, (c) a £30,000 mortgage, (d) a £35,000 mortgage and (e) a £40,000 mortgage, as a result of the total increase in mortgage interest rates which have taken place since 1 January.
§ Mr. Norman Lamont[holding answer 24 October 1988]: The table shows the difference between the mortgage interest, net of tax relief at 25 per cent. which is payable on the basis of current mortgage interest rates and the amount payable if the interest rate at 1 January 1988 were applicable. The effect of interest rate changes on the amount of capital repaid on repayment mortgages is not included in these figures.
612W
Size of home loan outstanding £ Increase in net monthly interest payable £ 20,000 31.25 25,000 39.06 30,000 46.88
Size of home loan outstanding £ Increase in net monthly interest payable £ 35,000 57.29 40,000 67.71