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Ianto.W. · 12-01-2007, 12:08

I bought my first property in 1964 at a fixed rate of interest, the loan £600 at 6per cent, under the small dwellings aquisition act, this was a scheme for people who could not get a mortgage off a building society, it was funded by the government and administered by the then Accrington Borough Council. This rate was 1 per cent above the then bank/building society rate, Mr. A K Boydel was the Borough Treasurer at the time, he said "try to borrow it elswhere your crazy for borrowing money this dear" The moral to this story is when interest rates are low try to get a fixed interest and buy property, you can not loose. Epilogue, I paid £850 for the house and I still live in it, the last place to put money is in banks and Insurance ,they take your pound when it's worth a pound and give it back to you when it's worth nothing.

12-01-2007, 12:08	#23
Ianto.W. Resting in peace Join Date: Jul 2006 Location: Accrington Posts: 2,246 Liked: 0 times Rep Power: 63	Re: Interest rate rise I bought my first property in 1964 at a fixed rate of interest, the loan £600 at 6per cent, under the small dwellings aquisition act, this was a scheme for people who could not get a mortgage off a building society, it was funded by the government and administered by the then Accrington Borough Council. This rate was 1 per cent above the then bank/building society rate, Mr. A K Boydel was the Borough Treasurer at the time, he said "try to borrow it elswhere your crazy for borrowing money this dear" The moral to this story is when interest rates are low try to get a fixed interest and buy property, you can not loose. Epilogue, I paid £850 for the house and I still live in it, the last place to put money is in banks and Insurance ,they take your pound when it's worth a pound and give it back to you when it's worth nothing.