[Dem-Village] Town Hall Mortgages

[Mark Barrett]

Cheers James - this is an interesting idea to recover :-)

On 21 October 2010 19:00, james armstrong <james36armstrong at hotmail.com> wrote:
> TOWN HALL MORTGAGES
>
> In  the 1970’s mortgages were offered by Greater London Council and other
> London boroughs
> Advertised as “100% mortgages,” effectively they were 95%- of the asking
> price.(and usually,100% of the ‘valuation’.
> The terms were “available to all employed in London or to anyone living in
> London”
> The 2.5 : 1 limitation applied , i.e loans restricted to  2.5 times the
> applicant’s salary.
> They were operated by Halifax Building Society (a mutual not a plc bank,
> then.)
>
>
>
> THE PROPOSAL  is that HMG re-introduce Town Hall Mortgages to-day under
> amended terms.
>
>
>
> AMENDED TERMS
>
> “ No Repossession” Guaranteed.  .  Occupier will revert to tenant  in the
> event of  failoure to meet repayments
>
>
>
> Convertion from ownership to tenancy encouraged
>
>
>
> Newly introduced Bank of England, actuarially  researched, income: loan
> ratio
>
>
>
> ADVANTAGES OF TOWN HALL MORTGAGES .
>
>
>
>     Reduction of arrangement fees
>
>
>
>     Lower interest Rate
>
>
>
>     Popularisation of  tenancy as against ownership
>
>
>
>     Uses power of mass consumers, and (potentiaslly) weight of  town hall
> democracy , to counter etrenched systematic corporate exploitation of
> borrowers by Bank/ mortgage lenders.
>
>
>
> LONG TERM MACRO EFFECTS
>
>      Stablisation then reduction of house prices
>
>
>
>      Puts  human rights and democracy  at core of house acquisition
>
>
>
>      Opportunity to actively promote the rental sector versus ownership
>
>
>
>      Places societal goals within  this central human activity and  within
> government
>
>
>
>      Strengthens government control of the City.
>
> COMMENT    There is a better world out there : we know it : that gives us
> our power.
>
>  James
>
>
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>
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"We hear men speaking for us of new laws strong and sweet /Yet is
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