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Banks
and Building Societies |
We nearly called this the Money Lenders' page. Usually when purchasing
a house, a mortgage is obtained from a money lender such as a Bank or Building Society.
Just remember that Banks and Building Societies are not doing you a favour
by lending you money. They make lots of money by lending you money. Finance is the single
most profitable business sector. It might seem obvious, but keep this in mind when dealing
with them.
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Banks and BS raking in
£millions through mortgages!
Click here |
"Who owns who?" Many
Building Societies
and Banks own Estate Agents and Surveyors.
This could mean that the Estate Agent you're buying from, the Bank lending you the money,
the Surveyor checking the property and the Estate Agent selling for you are all owned by
the same company!
PgDn to find out more...or
For a comprehensive analysis click
here
or call 01525 37 6000
For example, many lending institutes buy Estate Agents and Surveyors to help sell
financial services.
Quote from a spokesman of Friends Provident Group as reported in Property Week
magazine, 2nd July 1999:
"The agencies have been integrated into the Friends Provident Group and we see them
as sales channels and business opportunities, as far as selling of financial services is
concerned."
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Vertical Integration As
in
any
business
you
have to prepare
yourself in the
best
possible way for
the cycle of
recession
and
boom.
Many banks
and
building societies
have
achieved this
by
purchasing
formerly
Independent
Estate Agents
and
Surveying Practices.
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Banks
Banks have the interests
of their shareholders
to consider, together
with the demands
of the stock market
in general.
Banks now provide 70%
of all mortgages in Britain.
Building Societies
Building Societies are
set up with the aim
of helping their members,
to save and borrow money.
Many have now become Banks |
Some examples of vertical integrationHalifax plc owns
Halifax Estate Agents, who only "recommend" Colleys Valuers and
Surveyors, coincidentally also owned by Halifax plc.
Halifax was censured by the Advertising Standards Authority earlier this year for its
failure, clearly, to inform borrowers of redemption penalties
in its adverts
(source The Sunday Times 4th July 1999)
 | Spicer haart group are Europe's largest "independent" estate
agent, combining Spicer McColl, Felicity Jane Lord and haart
estate agencies, but insist you instruct H.C. Wolton & Sons Surveyors,
whom they own. The group is owned by Winterthur Swiss Insurance Group,
who have a host of financial services to sell you through your Estate Agent. Can
they truly say they are "independent"?
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| We have many more examples - click here or phone 01525 37 6000 |
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