Friday, Jun 20, 2008
Wow you need an F1 racing car to get a mortgage these days!
Guardian: Mortgage mayhem as Bristol & West withdraws deals and First Direct raises cheap rate
Bristol & West, said yesterday it was withdrawing 7 of the 29 mortgage offerings - mostly fixed-rate and buy-to-let deals - it launched on Tuesday! The bank said it took the decision in response to "unprecedented volumes of business received during the past week". Wow need to be fast to get a mortgage these days!
First Direct added to the turmoil yesterday by raising the cost of what had been Britain's cheapest two-year fixed-rate mortgage the rate would rise from 5.49% to 5.99% - although borrowers still have to come up with a 20% deposit and a £1,499 fee!!
Posted by who stole my pension? @ 05:11 AM (277 views) Add Comment
2 Comments
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1. Rental John said...
Not only an F1 racing car, but be rich enough not to really need a mortgage - and let the lender stump up the case and risk.
2. jonb said...
One of the most important rules of banking ...
Never lend to people who need the money.