HC Deb 20 January 1997 vol 288 cc508-9W
Mrs. Helen Jackson

To ask the Secretary of State for Social Security what is the Treasury's current assumed rate of interest on mortgage repayments used to assess payments for people in receipt of housing benefit on their mortgages. [11052]

Mr. Roger Evans

The standard rate of interest used to calculate payments of income support mortgage interest is currently 6.89 per cent. This figure is the weighted average of the rates charged by the main building societies; it is based on statistics provided monthly by the Office for National Statistics. Movements of plus or minus 0.25 per cent. trigger a change in the standard rate.

Help with mortgage interest is paid with income support and not as housing benefit.

Mrs. Jackson

To ask the Secretary of State for Social Security if he will list the dates and changes made in the Treasury assumed rate of interest on mortgage repayments used to assess housing benefit over the past 12 months. [11053]

Mr. Evans

Changes in the standard interest rate set by the Department and used to calculate income support mortgage interest—not housing benefit—over the past 12 months are as follows:

Rate (per cent.) Date of commencement
8.00 21 January 1996
7.74 21 April 1996
7.48 23 June 1996
7.16 25 August 1996
6.89 15 December 1996

Forward to