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Abbey under attack for 125% mortgage

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  • Abbey under attack for 125% mortgage

    Abbey, Britain’s third biggest mortgage lender, is being blamed for adding to the national debt crisis by introducing a new home loan worth up to 125% of a property’s sale price. The Abbey mortgage is the largest of its kind ever offered to UK homebuyers and is completely secured on the property. Consequently, this [...]

    More: Abbey under attack for 125% mortgage

  • #2
    Heh, after the fiasco with Northern Rock, it's pretty irresponsible by the looks of Abbey's actions. And there's the banking sector complaining Mervyn King didn't do enough to help Northern Rock, but here the banking industry are pushing aggressively with mortgage sales regardless.

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    • #3
      That's absurd!

      And with those in a less favourable financial situation 'having' to go for higher percentage mortgages with inflated levels of interest... one can truly tell who stands to gain from 100% and 125% mortgages.

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      • #4
        I feel very strongly About Abbeys 125% mortgage. I don't agree with is as its ALL secured whereas the likes of Northern Rock, Coventry, Alliance and Leicester etc the amount above 95% is unsecured. I'm not a big fan of any of these products but the Abbey product really is taking it too far. I think they entered the market at the wrong time, whilst NR was under attack and I think that was quite callous. Its a clever way for Abbey to get a high market share, as their customers will not know which options that have when remortgage time is near, unless they seek professional advice.

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