UK Money News
22nd February 2008
Northern Rock withdraws 125% home loans
Northern Rock has confirmed it is to withdraw its Together range of mortgage products which offered borrowers a loan to value of up to 125 per cent.
The lender's move is intended to minimise the amount of risky lending on its books as it seeks to recover from huge losses incurred as a result of exposure to the US sub-prime crisis.
News that the bank will no longer offer its 125 per cent mortgages comes after Abbey, Alliance & Leicester, Godiva Mortgages and Coventry Building Society have this also confirmed the withdrawal of their ranges of 125 per cent products.
Commenting on the decision, a spokeswoman for Northern Rock said: "Withdrawing the Together range is consistent with market conditions. Together applications have fallen significantly … and we're also trying to rein back new lending.
"Competitors have withdrawn similar products in the last few days and this would have left us with a disproportionate number of applications."
The only UK lender now offering 125 per cent home loans is Birmingham Midshires Solutions.
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