Local Authorities: Mortgages

Communities and Local Government written question – answered on 22nd October 2008.

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Photo of Adam Price Adam Price Spokesperson (Communities and Local Government; Culture, Media and Sport; Defence; Transport; Ministry of Justice)

To ask the Secretary of State for Communities and Local Government pursuant to the answer of 13 October 2008, Official Report, column 982W, on local authorities: mortgages, which building society lending rates are used for the purpose of reviewing the standard national rate (SNR) for local authority mortgages; and what those rates were at the time of the last review of the SNR.

Photo of Iain Wright Iain Wright Parliamentary Under-Secretary (Department for Communities and Local Government)

The names and lending rates of the societies which were used in the 1 September review process are detailed in the following table.

Base percentage
Building society Standard Variable R ate
Nationwide 6.80
Yorkshire 6.90
Britannia 7.20
Coventry 7.20
Skipton 6.50
Chelsea 6.70

By means of a weighting mechanism to take account of the mortgage market share of the building societies, the standard national rate is calculated using their standard variable rates.

The standard national rate for local authority mortgages was last reviewed on 1 September 2008 and remained at 6.89 per cent.

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