UK Money News
22nd February 2008
125% mortgages disappear from market
The era of homebuyers being able to borrow more than the value of their home is over, following the announcement that Birmingham Midshires will no longer be offering the deals.
Birmingham Midshires had been the sole lender offering the products following announcements from Northern Rock, Alliance & Leicester, Coventry Building Society, Abbey and Godiva that they would be withdrawing similar products.
A statement from the firm said it has taken the decision because of "market factors" as it seeks to cut its exposure to risky loans.
Buyers opting for Birmingham Midshires 125 per cent deals had been able to borrow up to 95 per cent of the value of the property with a 30 per cent unsecured loan, which was capped at £30,000.
The products had been popular with first time buyers who used the unsecured loan to cover fees accruing from buying their home and for purchasing furniture.
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