Loans and Finance

Loans and Finance


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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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