Tuesday, Feb 19, 2008
A&L stop their 130% Mortgages from tonight
Mortgage Strategy: A&L pulls PlusMortgage
Alliance & Leicester is withdrawing its PlusMortgage range from close of business today.
The product combined a mortgage of up to 95% LTV and an additional unsecured loan of either 5% or 30%, bringing the maximum allowable LTV up to 130%.The product launched in April last year to compete with other high LTV deals such as Northern Rock's Together range and similar deals from Coventry and BM Solutions.Stephen Leonard, director of mortgages at A&L, says: "We are a prudent and responsible lender with PlusMortgage successfully targeting high quality applicants. "However, we keep our product range under constant review and given current market conditions, we will be withdrawing our PlusMortgage products at this time."
Posted by no room at the inn @ 01:02 PM (274 views) Add Comment
4 Comments
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1. drewster said...
Without the competition from Northern Rock, A&L don't need to stretch themselves as much any more.
2. jack c said...
As it stands Coventry (Godiva) have now pulled out leaving only BM Solutions in the market. The days of 100%+ are rapidly coming to an end !
3. Landedgentry said...
Damn. I was just going to buy to let a 'luxury' city centre 2 bed apartment and with the 30% extra fill it up with gadgets, flat panel screens and boys toys,
Even though other flats rent for £600 per month, I was going to charge £1200 coz of all the posh professional types who are just dying to rent and my flat is special compared to the 45 others in the same block.
And to think I just lost out on making a fortune coz I could have flipped it and made a quick £30k profit in 3 months coz property never goes down.
(all the above in a sarcastic tone).
4. Sold My Soul To The Never Never Never said...
A & L results are out tomorrow!