SCHEDULE 16 Local Authority Mortgage Interest Rates
Housing Act 1985 (1985 c 68) | Legislation

SCHEDULE 16 Local Authority Mortgage Interest Rates

Section 438

The rate of interest

1

(1)     The rate of interest shall be whichever is for the time being the higher of—

(a)     the standard national rate, or

(b)     the applicable local average rate.

(2)     The rate shall be capable of being varied by the local authority whenever a change in either or both of those rates requires it; and the amount of the periodic payments shall be capable of being changed accordingly.

The standard national rate

2

The standard national rate is the rate for the time being declared as such by the Secretary of State after taking into account interest rates charged by building societies in the United Kingdom and any movement in those rates.

The local average rate

3

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