Loans and Finance

Loans and Finance

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News and information about loans, money, debt, finance and business issues.

Monday, April 28, 2008

Mortgage Misery

The mortgage misery continues with an announcement by Nationwide and Abbey that will dampen the ardour of those borrowers who do not have a deposit of at least 10%.

As from Thursday, Nationwide will offer loans for 95%t only to existing borrowers or people taking out a three-year, fixed-rate mortgage.

A from tomorrow, Abbey will have only one deal left for homeowners with 5% equity — a five-year, fixed-rate deal charging 6.99%.

In other news it seems that the EU will be taking a close look at the Bank of England's attempted rescue package of £50BN, there is a risk that the EU will declare it unfairly subsidising British banks.

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