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A&L ups FTB deposit to 15%
Comments
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MarkyMarkD wrote: »That statement is completely untrue. A&L introduced their 100%+ PlusMortgage after several other lenders had entered the market,
They were the sixth into the 100%+ market:
http://firstrung.co.uk/articles.asp?pageid=NEWS&articlekey=7206
At present, there are only five providers in the UK who lend on bundled mortgage and personal loan products, with Alliance & Leicester one of the latest to launch in this arena.
Seems like they were amongst the 'leaders' in the field of lending more than your house was actually worth.and lent hardly any money on the product - not exactly proof that they were undertaking "loony lending".
They would loan to potentially 125% - certainly qualifies as looney lending to me:
http://www.godirect.co.uk/news/03-04-2007b.php
“PlusMortgage is highly competitive when compared against similar products in the market. Alliance & Leicester will offer the lowest “priced” 2 year combined mortgage and personal loan available up to a maximum 125% LTV, at just 5.64%. We will also be the only UK mortgage provider to offer options at 100%, 115% and 125% LTV with a facility to make unlimited personal loan overpayments which gives borrowers real flexibility as to how and when to reduce their borrowing.”--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
A&L were as irresponsible and careless with their lending as he rest of them. That's why their share price went down the toilet and Banco Santander had to rescue themKrusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0
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