Page 2, 7th April 1978

7th April 1978
Page 2
Page 2, 7th April 1978 — Catholic B uilding

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Organisations: Catholic Building Society


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Catholic B uilding

Society record The Catholic Building Society had a record year in 1977, making more home loans and attracting nearly 70 per cent more savings investment than in 1976.

Following the CBS policy of giving home loans to young people and families buying their first house, the society lent more than £750,000 in 1977.

More than £650,000 was invested with the society, whose total assets rose by nearly 27 per cent to well over £3.25 million.

Of the 86 mortgage advances made by the society, 54 per cent went to first-time buyers.

Also in line with CBS policy, loans were made to families on low incomes and those which had only small savings to use as deposits on a house: 33 per cent

of CBS mortgages went-to people earning £3,500 or less.

The average for other building societies was only 19 per cent.

Similarly, CBS gave a higher than average number of loans to people wishing to buy old property which they could improve themselves or with the help of government grants. In 1977 the society gave 45 per cent of its loans for houses built before 1919, while other societies only gave an average of 24 per cent.

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