§ Mr. SandersTo ask the Secretary of State for Social Security if she will calculate what the standard rate for mortgage interest payments for people on benefits would be on the basis of including bank mortgage rates equally with main building society rates. [15078]
§ Mr. Keith BradleyThe standard rate for mortgage interest payments for people on benefits would currently be 7.66 per cent. if bank rates had been included equally with the main building society rates.
Note:
The revised Financial Statistics Table 7.1L gives the composite building society and bank rate produced by the Building Societies Commission and the Bank of England. The rate of 7.66 per cent. is for the same point in time as the current Standard Interest Rate (7.57 per cent.).
§ Mr. SandersTo ask the Secretary of State for Social Security if former building societies are included in the weighted average basic rates for calculating the standard rate for mortgage interest payments for people on benefits; and if she will make a statement. [15079]
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§ Mr. Keith BradleyThe standard rate for mortgage interest payments for people on benefits does not take account of basic mortgage rates of the Halifax or Alliance and Leicester, but currently does take account of basic mortgage rates of the Woolwich and Northern Rock.