Commenting on Nationwide's 125 per cent mortgage

Published:

09/07/2009

Topic:

Press Release,Mortgages

Commenting on Nationwide's 125 per cent mortgage, Louise Cuming, head of mortgage at moneysupermarket.com said:

"Three cheers for Nationwide: at a time when overly restrictive and cautious lending practices are holding the housing market back, Nationwide's flexible approach is to be welcomed.  Its new 125 per cent product will help its customers already in negative equity but who need to move house.  As Nationwide already has a relationship with these customers and visibility of their payment history they can ensure that they are extending these loans responsibly.  And the truth of the matter is if the customer is in negative equity they already have a mortgage of greater than 100 per cent before Nationwide enables the customer to move house.

"Whilst we've been aware that some other lenders have been offering similar deals to Nationwide "under the counter", Nationwide is the first to promote it.  Nationwide's move may force others to follow suit and apply similar creative thinking to help un-clog the housing market."

-Ends-

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