UK Money News
20th February 2008
Lenders withdraw 100% plus mortgages
Some of the UK's largest mortgage lenders have confirmed they are to withdraw deals which allow buyers to borrow more than the value of their home.
Alliance & Leicester and Coventry Building Society have announced they will no longer be offering 125 per cent mortgages.
Meanwhile, Abbey said that it is to bring a trial of 100 per cent plus deals to a close this week.
The withdrawal of the deals means that the proportion of lenders offering 100 per cent plus mortgages has fallen from one in three to one in ten since Christmas.
Analysts said the banks' decision to take the products off the market can be attributed to tightening lending conditions in the face of the credit crunch.
A statement from Alliance & Leicester said: "Alliance & Leicester is a prudent and responsible lender with PlusMortgage successfully targeting high quality applicants.
"However, we keep our product range under constant review and given current market conditions, we will be withdrawing our PlusMortgage products at this time."
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