SCHEDULES

SCHEDULE 16 Local Authority Mortgage Interest Rates

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.