United Kingdom - Ireland
1973 - Chancellor eases mortgage rise home loans up to 9%: Home loans from the majority of building societies are to cost 9 1/2 percent from today for new borrowers and for existing borrowers as soon as trust deeds allow, which may be from one to three months. They will not cost 10 percent. the rate the Council of the Building Societies Association was hell-bent to have, because of an 11th-hour, Wilsonian-style intervention by Mr. Barber, the Chancellor of the Exchequer. The Government is giving the building sovieties a bridging grant of at least £15-million to cover the gap between 9 1/2 percent. and 10 percent. for three months only. Photo shows Sir Stanley Morton, chairman of the Building Societies Association, announcing yesterday's recommendations
