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SCHEDULES

SCHEDULE 16E+W Local Authority Mortgage Interest Rates

Variation of rate of interestE+W

6(1)On a variation of the rate of interest, the local authority may make a corresponding variation of the periodic payments.E+W

(2)The authority shall do so if the period over which the repayment of principal is to be made would otherwise be reduced below the period fixed when the mortgage was effected.

(3)The variation shall be notified and take effect together with the variation of the rate of interest.