§ Mr. CohenTo ask the President of the Board of Trade what is his latest estimate of the additional cost per month to a house buyer of the requirement to take out insurance on a mortgage of £50,000.
§ Mr. Jonathan EvansThe current average cost of mortgage protection insurance policies is about £7 for every £100 of mortgage payment per month up to a general maximum of £1,000 per month. The cost of insurance against a £50,000 mortgage would depend on the level of interest rates.
§ Mr. DewarTo ask the President of the Board of Trade how much he estimates an average householder will have to pay in monthly insurance premiums on a new mortgage when plans to limit income support help with mortgage interest payments come into effect.
§ Mr. Jonathan EvansThe current average cost of mortgage protection insurance policies is about £7 for every £100 of mortgage payment per month up to a general maximum of £1,000 per month. Costs to householders will vary according to the prevailing rate of interest and how much they choose to insure.