asked the Minister for the Environment the number of people who are currently paying repayments on house loans at fixed interest rate set in excess of the present variable rate available on new loans from local authorities; the total sum of money involved; and if he will consider allowing these people to opt for the variable rate terms on the outstanding balance of their loan as an alternative to their present terms.
Written Answers. - House Loans.
141.
The information requested regarding the number and value of fixed rate loans is not available in my Department. Where a loan has been advanced at a fixed interest rate, that rate applies for the life of the loan in accordance with the terms of the mortgage agreement. The question of applying a variable interest rate to these loans does not, therefore, arise. It should also be remembered that the funds advanced to the local authorities to make these loans were advanced at a fixed rate of interest.