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1

 
United Kingdom

It might help buyers, but not our national finances
Aug 21, 2008 07:12
The attempt by local authorities to offer mortgages will fill many homeowners with nostalgia. Tens of thousands of first-time buyers were helped on to the housing ladder by their local authority in the postwar era. Despite their cuddly credentials today, building societies, which controlled the mortgage market until the 1980s, were regimented fiercely when it came to approving mortgages. Borrowers were expected to go cap in hand to the manager and those who had not saved for a deposit on their new home ran the risk of being sent away with a flea in their ear.


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