§ Mr. AllenTo ask the Chancellor of the Exchequer what would be the total savings for domestic mortgage payers from a 1 per cent. drop in mortgage interest rates.
§ Mr. LilleyA reduction of one percentage point in the current level of mortgage interest rates would reduce total mortgage interest payments net of tax relief by about £170 million per month for the estimated 9.3 million domestic mortgage payers. This represents an average monthly saving of about £18 per mortgagor.