Govt Network welcomes council mortgage plan

Under plans announced by Communities and Local Government, the standard national rate of interest will this week decrease to 3.93%. The NLGN argues this will allow councils to borrow money at a more preferential rate, and offer mortgages to local residents. Chris Leslie, director of NLGN, says it was clear private banks' distrust of each other meant it should fall to the public sector to ease liquidity and offer the public access to mortgages. He adds: "Councils know their patch, are familiar with the calibre of property in their area and have every incentive to see householders prosper...