Stock Photo - Sep. 09, 1974 - Mrs. Thatcher promises 9 1/2 percent mortgages by Christmas a tory election pledge: The Conservatives took the initiative in the election campaign yesterday with an absolutely firm pledge that their plan for a maximum mortgage rate of 9 1/2 percent will be introduced by Christmas. The pledge was given by Mrs. Margaret Thathcer, leader of the study group which devised the plan. The present mortgage rate is 11 percent. Photo shows Mrs. Margaret Thatcher making her election promise of 9 1/2 percent in London yesterday. with her at the Conservative Press conference is Mr. Whitelaw, the Tory Party chairman. (Credit Image: © Keystone Press Agency/Keystone USA via ZUMAPRESS.com)