9.—(1) The standard rate is the rate of interest applicable to a loan which qualifies under this Schedule and –
(a)except where sub-paragraph (2) applies shall be the rate specified in paragraph 12(1)(a) of Schedule 3 to the Income Support Regulations(1), or
(b)where sub-paragraph (2) applies, shall equal the actual rate of interest charged on the loan on the day the housing costs first fall to be met.
(2) This sub-paragraph applies where the actual rate of interest charged on the loan which qualifies under this Schedule is less than 5 per cent. per annum on the day the housing costs first fall to be met and ceases to apply when the actual rate of interest on that loan is 5 per cent. per annum or higher.
(3) Where in a case to which sub-paragraph (2) applies the actual rate of interest on the loan rises to 5 per cent. per annum or higher, the standard rate applicable on that loan shall be determined in accordance with sub-paragraph (1)(a).
Schedule 3 was substituted by S.R. 1995 No. 301