Monday, Feb 25, 2008
If you haven't got a 25% deposit the the Nationwide isn't interested.
Times: Nationwide blow to first-time buyers
The Nationwide knows the market is on the way down and is increasing it's degree of comfort accordingly. "We have altered the tier structure for loans as part of our commitment to being a prudent and responsible lender and in response to the high cost of funding and a cooling housing market."
Posted by enuii @ 07:18 PM (787 views) Add Comment
8 Comments
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1. paul said...
This is great news for first time buyers. I love the way its dressed up like its a blow for FTBs when the people its really kicking are people who recently bought or who already own.
It is basically the nail in the coffin for the housing market as we know it, because it chokes off any remaining new entrant demand.
(As our very own Mr Monsoon says in the comments section on the site).
2. pecker said...
The FTB died a long time ago, killing him/her again wont make a lot of difference!
3. happyrenterz said...
I like this little image on the Times site
4. drewster said...
Maybe they should change the headline to "Nationwide blow to buy-to-let investors". This change will affect them just as much as it affects FTBs.
5. kool4caats said...
It makes it sound so dramatic. It's basically just 0.2% more if you want a LTV of more than 75%. Not a deal breaker in itself.
6. Ilejustwait said...
with 25% deposit down, thats got to be a 25% drop in house prices, but then we all now this anyway, just a matter of time know,
7. It's Coming Soon. . . . . . said...
This is just Nationwide preparing themselves for the coming crash. Are they telling us they expect falls of at least 25% ?
8. alan said...
It's 0.2% difference between 75% and 90%. Then another 0.4% difference between 90% and 95% LTV.