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Mortgage Finance

Volume 176: debated on Wednesday 18 July 1990

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To ask the Chancellor of the Exchequer what is the median mortgage qualifying for MIRAS and the current annual cost of servicing it.

In 1990–91 the estimated median outstanding mortgage is £25,500. At an interest rate of 15.3 per cent. The interest payment net of basic rate tax relief on an endowment mortgage of this size would amount to £2,926 per year.

To ask the Chancellor of the Exchequer what is his estimate of the amount of mortgage finance raised each year since 1979 on the security of dwellings for purposes other than buying that dwelling.

Full information is not available in the form requested. However, information for 1985 and subsequent years on net advances by building societies secured on residential property is published by the Central Statistical Office in Financial Statistics, June 1990, table 6.9. Information on building society advances secured on dwellings is also contained in Table 7 of the annual report of the Building Societies' Commission for 1987–88 and corresponding tables in previous reports of the commission and the Chief Registrar of Friendly Societies. Corresponding information is not published for banks and other mortgage lenders.