Goodbye to the 100 Per Cent Mortgage
Iâ ve always thought the 100 per cent mortgage was a bad idea in the first place. It was something my parents warned me against taking out when I bought my first house with my girlfriend, and if your parents warn you to steer clear of something when it comes to finances youâ d be advised to listen, because they probably know what theyâ re talking about. And so the mortgages which let you borrow more than your property is worth are finally starting to get scrapped by some of the biggest lenders in the UK. It seems to have taken the credit crunch crisis in the USA and perhaps the downfall of Northern Rock in the UK for the banks to stop and think more responsibly about the salary multiples and Loan to Value (LTV) scales theyâ re willing to give customers. ...
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