Mortgage Interest Payments

Part of Oral Answers to Questions — Work and Pensions – in the House of Commons at 2:30 pm on 18 October 2010.

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Photo of Steve Webb Steve Webb The Minister of State, Department for Work and Pensions 2:30, 18 October 2010

We will certainly move as fast as we can on this issue. My hon. Friend may be aware that had we done nothing the higher rate of 6% was due to expire at the end of this year and revert, under the previous formula, to just over 2%. We felt that that was unfair, and we will pay 3.6%, which is the average mortgage rate.