Friday, Oct 16, 2009

Britannia Withdraws Mortgage Deals for First-time Buyers

E1 News: Britannia Withdraws Mortgage Deals for First-time Buyers

Despite the fact that first-time buyers constitute a large part of UK borrowers, lenders do not try to provide them with new mortgage products. Rather, lenders choose to withdraw mortgage products, which proved to be accessible to first-time buyers earlier. Recently, one of the largest British lenders – Britannia (it merged with Co-operative Bank earlier this year) – pulled out its mortgage deals for borrowers with 10% deposit. In the past months, Britannia held approximately 10% of the market share, offering first-time buyers various mortgage options.

Posted by uch1405 @ 07:06 AM (893 views)
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1. stillthinking said...

What ! It was only a couple of weeks ago that Brittania was in the news with a 15% LTV, and now thats gone entirely. Given that mortgages are typically 20+ year agreements, its strange that they are sold like fresh fruit, available for a couple of weeks then gone.

Friday, October 16, 2009 10:15AM Report Comment

2. jack c said...

stillthinking - they have a tranche of money available and once the lending limit is used up they pull the plug. It's not that easy to get a mortgage deal at the moment despite all of the hype in the press. One thing that may have influenced this decision is that Brittania offer affinity deals to public sector workers (and we all know what is in store from May 2010 for that particular group)

Friday, October 16, 2009 11:25AM Report Comment

3. Collywolly said...

This actually makes me laugh. So a prudent (potential) first time buyer, who has saved up 10% or something is denied a mortgage, while BTL gang, who haven't actually demonstrated any ability to save are given a mortgage based on the equity in their properties,- which is very debatable as to how much it is worth. No wonder all these banks are going bust! The bankers clearly haven't learned anything.

Friday, October 16, 2009 03:44PM Report Comment

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