asked the Minister for Local Government the rate of interest payable by local authorities in respect of advances received for house purchase loans from the Local Loans Fund at each change in interest rates from 1st January 1954 to date; and, if information is readily available, the rate of interest or average rate of interest charged by building societies at the appropriate dates.
Written Answers. - House Purchase Loan Interest.
243.
Following is the information:
|
Rate of interest payable by local authorities on loans advanced for house purchase loans from the Local Loans Fund |
Building societies' house purchase mortgage interest rates |
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|
Period |
Rate |
Period |
Rate |
|
|
From |
To |
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|
(1) |
(2) |
(3) |
(4) |
(5) |
|
1/1/54 |
30/11/54 |
4¾% |
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|
1/12/54 |
9/3/56 |
4½% |
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|
10/3/56 |
13/11/56 |
5¼% |
||
|
14/11/56 |
27/10/57 |
5¾% |
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|
28/10/57 |
30/11/58 |
5¾% |
||
|
1/12/58 |
30/11/59 |
5¾% |
||
|
1/12/59 |
30/11/60 |
5½% |
||
|
1/12/60 |
31/12/62 |
6¼% |
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|
1/1/63 |
31/12/64 |
6% |
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|
1/1/65 |
14/11/65 |
6¼% |
||
|
15/11/65 |
27/11/66 |
7% |
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|
28/11/66 |
12/6/67 |
7¾% |
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|
13/6/67 |
31/7/68 |
7% |
1968 |
8% |
|
1/8/68 |
17/3/69 |
7¾% |
1969 |
8%—9% |
|
18/3/69 |
21/3/71 |
8½% |
1970 |
9% |
|
22/3/71 |
30/11/71 |
9½% |
1971 |
9% |
|
1/12/71 |
To date |
9% |
1972 |
9% |
|
1973 |
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|
January—July |
9% |
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|
1st July— |
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|
31st December |
10% |
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|
1974—1st January |
11¼% |
NOTES:
(a) Local authorities normally charge an additional ½% on the Local Loans Fund rate of interest for house purchase loans in order to recoup administrative costs and other overheads.
(b) The interest rates for building societies indicate the general level of interest rates charged by the societies on house purchase mortgages during the periods shown in column 4.