For those seeking to find a low interest loan, there may be hope on the horizon. Building societies are starting to investigate offering low interest loans in hopes of increasing their business. Right now, many developments are sitting empty due to a lack of low interest loans and in order to get occupancy up, these societies may have little choice but to start offering more low interest loans. This is good news for consumers that are trying to get a new home but don’t want to pay premium rates and high closing costs to the banks.Goodfellow, Chairman of the BSA said: “Recent events have accentuated the distinctiveness of building societies. We have attracted record inflows of new savings in recent months and operate a robust and long standing business model.”This expansion of representation is a natural step for the BSA and will reinforce the standing of building societies in the financial sector. It will help to ensure that the differences between building societies and banks are more widely understood.”This is an exciting time for building societies and the BSA and we look forward to fully representing the interests of the sector.”
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