Experience with Variable- Rate Mortgages: The Case of the United Kingdom
نویسندگان
چکیده
Variable-rate mortgages have been advocated as one means to alleviate the effects of high and volatile rates of inflation and interest on the housing market and, in particular, on institutions which specialize in housing finance. The experience of the United Kingdom is especially interesting in this regard since it has employed variable-rate mortgages on a large-scale basis within an institutional structure similar to that of the United States during the current inflationary period. The majority of U.K. mortgages are variable-interest rate, fully amortized, level-payment contracts. The dominant lending institutions, the building societies, are mutual institutions similar to U.S. savings and loan associations including the fact that their liability structure is composed almost entirely of sight and term deposits,
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