The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
As two of the common cancers affecting men and women – Prostate and Ovarian cancer - are the focus of March awareness campaigns, AIG outlines how its unique Cancer Cover insurance policies provide vital financial and emotional help when it is needed most.  
Chartis Direct has launched a new Heart Attack and Stroke insurance policy, which gives cash payouts on diagnosis of either a heart attack or stroke.  There is a choice of cover level, giving £15,000, £25,000 or £50,000 on diagnosis.
A new survey has revealed that £454.60 is the average amount of money that people would lend to a friend suffering from a long term illness such as cancer. This equates to just less than a week’s extra pay, based on average gross weekly earnings of £458*.
A leading debt management company is reporting a rise in the numbers of its customers who cite loss of sleep as a direct result of debt anxiety as a major catalyst for contacting the company for help.
Annual average household expenditure is estimated to be £35,978. The corresponding figure for a household where the main occupant is 65 – 74 is £23,711 and £15,139 where they are aged 75 and over
Have you met...
Latest Members:


ini7a


GoodShoutStudio


Frankie


Nwinslade


barnetboy8


DomKnowles


Granny2B

 

General News

Email this story to a friend:

Nationwide’s 125% mortgage.

You may have seen reports that the Nationwide Building Society is bringing back 125% mortgages09-07-2009
You may have seen reports that the Nationwide Building Society is bringing back 125% mortgages – that is loans of a quarter more than the value of the properties they’re being used to buy.

These high ‘Loan to Value’ mortgages are blamed by some for getting us into a sticky mess with the housing market in the first place. But if you read the details of this loan there seems no reason to believe that irresponsible lending is making a comeback.

The Nationwide will only offer this mortgage to existing customers who are in negative equity (the value of their home is less than the amount they borrowed to buy it) but need to move. New customers won’t be eligible. They have to put down a deposit of at least 5% of the value of the property they’re buying and can borrow a maximum of 95% of its value.


Nationwide says the 125% loan will be available from the 10 June 2009 for existing customers who:

- -        are in negative equity

- -        need to move home

- -        meet strict lending criteria and

- -        have a good credit record.

Borrowers in these circumstances will be able to transfer part of their existing negative equity with them when they need to move home. Both the main loan and the associated negative equity top-up are restricted to three and five year fixed rate deals:

       *       Main loan up to 95% LTV: 6.73% (3 year fixed) and 7.48% (5 year fixed)
       *       Top-up loan covering 100-125% LTV: 7.23% (3 year fixed) and 7.98% (5 year fixed).

Other lenders are said to be considering offering similar deals to get the market moving again but the Nationwide says it doesn’t expect demand to be high.  
 

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks