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The return of the cheap mortgage

New offers by HSBC and the Yorkshire and Clydesdale Bank herald the return of the “cheap” mortgage. Remember, as we said before, that a bank mortgage is a means by which the bank becomes the owner of the property for the duration of the loan, using money created at negligible cost, whilst the interest payments are, in reality rent. The song sung here by Vera Lynn sums up what is really happening.