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crash 2005

Woolwich Pulls Parental Help Mortgage

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Woolwich pulls parental help mortgage

24th Aug 2005, a Wednesday

Woolwich, the home-loans arm of Barclays bank, has announced it is to end its Offset Together mortgage. Aimed at struggling first-time buyers, the deal enabled parents to offset their savings against their son or daughter’s mortgage to reduce the interest charged on the loan.

The average property now costs £162,994, according to Halifax.

Based on standard lending criteria — 3.5 times single income and 2.75 times joint — an individual looking to buy a property at that price with a 10% deposit would need to be earning about £42,000 a year to get a large enough mortgage.


They've obviously just realised that the parents have been using MEW (Mortgage equity Withdrawal) to boost there savings to offset against, in order to get rid of their kids, or should i say young adults!!

and property prices sliding they realise that the parents could be in just as much financial difficulty.

As more red tape appears, and loop holes disappear in the mortgage market, it will only serve to bring prices down. as no one will be able to afford these overvalued houses as banking codes become tighter.

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