§ 19. Mr. SnapeTo ask the Chancellor of the Exchequer what he estimates to be the effect on the average mortgage of an increase in mortgage rates from 9.5 per cent. to 15.5 per cent.
§ 20. Mr. Sean HughesTo ask the Chancellor of the Exchequer what he estimates to have been the effect on the average mortgage of the increase in mortgage rates from 9.5 per cent. to 15.5 per cent.
§ Mr. LilleyIn July 1988, when the mortgage interest rate was 9.8 per cent., the monthly interest payment on the average mortgage, net of basic rate tax relief, was £128.63. At an interest rate of 15.5 per cent., the payment would be £203.44, if the level of outstanding capital was unchanged.