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TheCountOfNowhere

The return of the 120% mortgage

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I guess this is what happens when you bail out bankers and have an establishment that would rather destroying the futures of millions rather than loose money they never earned in the first place.

 

https://www.lovemoney.com/news/11068/the-new-120-mortgage

 

The madness continues.

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Interesting, regardless of the year.

The driver for the article isn't helping the 'unfortunate', though. The tell is this paragraph:

"Think about it: you can’t get new people onto a ladder if a load of people are stuck standing on the bottom rung. That's bad news for property prices all the way up the property chain "

Sick. 

Sick. Sick. Sick.

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The rates on these are unbelievably low for such high risk loans - I don't see how they can possibly get their money back if/when payments are missed.

I didn't think we'd see the return of these products after Northern Rock.

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40 minutes ago, Just_Do_It said:

The rates on these are unbelievably low for such high risk loans - I don't see how they can possibly get their money back if/when payments are missed.

I didn't think we'd see the return of these products after Northern Rock.

Quite a few banks seem to be introducing 95% - 100% mortgages too now.  I don't need a smaller deposit, I just need lower house prices.

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54 minutes ago, Just_Do_It said:

The rates on these are unbelievably low for such high risk loans - I don't see how they can possibly get their money back if/when payments are missed.

I didn't think we'd see the return of these products after Northern Rock.

I think the clue is "its not their money"

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