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Posted by MOGLI on August 05, 2004 at 18:23:15:
In Reply to: Re: Back in the summer of '79???? posted by On the other hand on August 05, 2004 at 17:23:31:
I remember selling a kidney in the early 80s plus I had to kneel and bow 10 times and kiss the shoes of a bank manager and building society manager 50 times before getting a mortgage.
Even then they preferred to put you on what they euphemistically called 'bridging finance' for as many months as possible before the real mortgage. This had an interest rate of 3 or 4 times the eventual mortgage rate.
You saved 1000 for a year then they changed it to 2000 for 2 years. Money was so unavailable. When you got the mortgage you could afford to pay it but getting that foot on the rung was incredibly difficult and exensive.
Looking at all the financial scandals now I'm just wondering if we can get a group of bridging finance victims and claim redress? Any takers?