Societies debate mortgage deal

Article Abstract:

United Kingdom building societies are considering a ban on redemption penalties for mortgages with variable rates of interest. Such a ban would make it easier to compare different mortgage deals since mortgage packages would become simpler. A ban would also lessen the possibility of discounts to new borrowers. Existing borrowers have been subsidizing new borrowers, and mortgage rates could be reduced for everyone if a ban were introduced. Banks may not agree to a ban, and they are also important in the mortgage market.

Mortgage banks

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Building society conversions: itchy money

Article Abstract:

Building society windfalls mean that as many as 17 million people in the UK may become shareholders following building society windfalls. New shareholders should check with their building society prior to withdrawing funds from their accounts. Alliance and Leicester plans a flotation in Jun 1997, as does the Halifax. The Woolwich is to float in Jul 1997, while Bristol and West will sell up in Jul or Aug 1997, to Bank of Ireland. Northern Rock's flotation is planned for Oct 1997.

Banking industry, Securities

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