Friday, Nov 20, 2009
UK Lenders Are Back With 125% LTV Mortgage Loans
E1 News: UK Lenders Are Back With 125% LTV Mortgage Loans
Coventry Building Society, the third largest British building societies, has recently announced launch of a new mortgage offer, which has caused controversial reaction among mortgage brokers.
From now on, existing customers of Coventry Building Society who have a perfect credit history, but yet are trapped in negative equity, can enjoy 125% loan to value mortgage loans from the lender in case they wish to move homes.
The new deal, which was supposedly launched to compete with a similar offer from Nationwide Building Society, another leading UK mortgage lender, allows existing borrows to “transfer” the existing loan to the new property of their choice without additional borrowing.
Posted by uch1405 @ 12:20 PM (477 views) Add Comment
2 Comments
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1. 51ck-6-51x said...
Not exactly the same as a 125% mortgage really. It does not look like anyone can take on extra debt from such a transaction.
2. greenshootsandleaves said...
666@12:48 'Not exactly the same as a 125% mortgage really. It does not look like anyone can take on extra debt from such a transaction'
So, yet another 'sign of a return to the boom years' (cf sealed bids, gazumping, etc.) that does not quite live up to its name.