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Last major mortgage lender withdraws 100 per cent loan

Tue, 08 Apr 2008

Abbey, the last major UK mortgage lender with a 100 per cent loan on the market has withdrawn from the sector, meaning that the only lenders offering 100 per cent mortgage loans are specialists. Abbey cited the rising cost of borrowing as preventing the bank from being able to lend on these products.

The company, who are the UK unit of Spanish Banco Santander SA, issued an emailed statement saying: "Abbey is seeing high demand following recent competitor moves. We are withdrawing our 100 percent loan-to-value mortgage until further notice. This is normal given the current market conditions and is in line with recent moves by other lenders."

A variety of mortgage lenders have pulled their 100 per cent mortgage loans in the last few weeks, including Royal Bank of Scotland, Co-Operative Financial Services and Lehman Brothers . The product is now, to all intents and purposes, unavailable in the mainstream UK lending market.
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