Entries (RSS)125% mortgages on offer from Nationwide
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In a move to help homeowners who are unable to move house because of negative equity, Nationwide have announced that existing borrowers will be able to obtain a mortgage of up to 125%.
Customers can obtain a new loan based on 95% LTV. They can also carry over up to 25% of the loss on their existing property. The 95% loan will be on a fixed rate with a higher interest rate attached to the negative equity balance carried over.
It is considered other lenders are considering something similar.
This is a very surprising move in the current environment when mortgage lenders have become extremely cautious and are mainly targeting those with high deposits.
August 11th, 2010 at 8:02 am
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August 30th, 2010 at 4:44 pm
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