§ Mr. AllenTo ask the Chancellor of the Exchequer what amounts would be payable each month at today's interest rates and at the lowest interest rate in the last three months on a standard repayment mortgage which was adjusted in line with the change of interest rate and repayable over 25 years of(a) £10,000, (b) £20,000, (c) £30,000, (d) £40,000 and (e) £50,000.
§ Mr. LilleyThe monthly mortgage interest payments after deduction of basic rate tax relief for an endowment mortgage are given in the table, based on a 14.5 per cent. mortgage interest rate and on the 13.5 per cent. rate which existed until November:
Mortgage (£) Monthly payment (£) 13.5 per cent, interest rate 14.5 per cent, interest rate 10,000 84.38 90.63 20,000 168.75 181.25 30,000 253.13 271.88 40,000 365.63 392.71 50,000 478.13 513.54
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what is his estimate of the amount payable in mortgage interest each year since 1979 as a percentage of(a) disposable incomes and (b) consumer expenditure.
§ Mr. LilleyThe latest estimates are as follows:
Mortgage interest payable as a percentage of Personal disposable income Consumer's expenditure (a) (b) 1979 3.5 4.0 1980 4.4 5.1 1981 4.4 5.1 1982 4.9 5.5 1983 4.5 5.0 1984 5.3 5.9 1985 6.7 7.4 1986 6.6 7.1 1987 7.0 7.4 1988 7.3 7.6