SCHEDULES

SCHEDULE 16 Local Authority Mortgage Interest Rates

The local average rate

F14

1

The rate declared under paragraph 3(a) or (b) shall be a rate calculated in such manner as the Secretary of State may determine.

2

A determination under this paragraph—

a

may make different provision for different cases or descriptions of cases, including different provision for different areas, for different local authorities or for different descriptions of local authorities; and

b

may be varied or withdrawn by a subsequent determination.

3

As soon as practicable after making a determination under this paragraph, the Secretary of State shall send a copy of the determination to the local authority or authorities to which it relates.