Dunfermline Building Society

Fairfield have a long history of working with the Dunfermline Building Society and were extremely saddened by recent events which saw the takeover of DBS by Nationwide in another ‘government bank bailout’.

Grant Ager the Co-operative’s Director said, “Just prior to the bailout we were in the middle of drawing down funding for our Morris Court development.  This was completed and we have been assured that the remaining funding for our first Muirton Homes, is safe.  In addition our substantial deposits are also secured.”

Grant added, “ Although we are happy in a business sense that Fairfield has been only been slightly affected, we are very disappointed that such a major financial institution which supported social housing both locally and nationally may withdraw from the affordable housing market. We are led to understand however, that lending to social housing was one of the Society’s successes and we hope that this is recognised. All RSLs, despite being relatively low risk, are having problems with raising money on the markets due to the high cost of funds and arrangement fees.  This, coupled with government grant cuts is making it very difficult to progress development opportunities on a sustainable long term basis.