JC Flowers, the American private equity firm, has set aside a £1.5bn "war chest" to buy mortgage books from British banks after failing to purchase Northern Rock.
Three-quarters of Kent Reliance Building Society members have voted in favour of its deal with US private equity firm JC Flowers, which will see the mutual become a bank.
The launch last week of what has been quickly touted as the never-ending or inter-generational mortgage by Kent Reliance Building Society was always likely to provoke debate.
In a radical move, mortgage lender Kent Reliance Building Society has launched what is being dubbed as the "never-ending mortgage".