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Historical mortgage question
Comments
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kingstreet wrote: »Quite the opposite.
Before the trend for mergers and the "big is beautiful" approach there were lots more smaller lenders.
Think of Nationwide Building Society as an example. It is made up of;-
Nationwide
Anglia
Cheshire
Staffordshire
Derbyshire
Portman
Dunfermline
The Mortgage Works
UCB HomeLoans.
Santander has Abbey National, Burnley, National & Provincial, Alliance & Leicester and some of Bradford & Bingley.
Yorkshire BS has Norwich & Peterborough, Chelsea etc.
The market these days is probably more sophisticated but there is markedly less choice due to fewer lenders.
I was (probably wrongly) assuming that mortgage 'rationing' would have reduced choice.Selling off the UK's gold reserves at USD 276 per ounce was a really good idea, which I will not citicise in any way.0 -
Mortgage 'rationing' meant that you could not apply to any old bank/building society but had to have been a customer for a number of years.0
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Saving with a lender and a 75% mortgage was very much a feature of the period upto the late 70s but it changed in the 80s. It didn't exist in 1984 when I started in the industry.Mortgage 'rationing' meant that you could not apply to any old bank/building society but had to have been a customer for a number of years.
Soon after we had the centralised lenders and the BS Act which started the growth of off-balance sheet subsidiaries like UCB and which eventually resulted in demutualisation.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
In my day the majority of new borrowers had 90% mortgages or thereabouts. Obviously the percentage usually moved down for your second and onward properties. Our second house was less than a 50% mortgage.0
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