Northern Rock, the recently nationalised mortgage lender, has decided to scrap one of its more risky mortgage loan products.
The controversial Together mortgage, which has come under fire lately in the financial services news, gave borrowers the opportunity to borrow over 100 per cent of the value of their home. The mortgage product blended a standard mortgage with a personal loan .
The product has now been pulled, following similar action by a number of top mortgage lenders in the last week. Current mortgage conditions are simply not conducive to this type of risky lending, although they do make up around 20 per cent of Northern Rock mortgages .
Northern Rock reportedly stated that the loans were pulled due to falling sales rather than political pressure.
Mortgage lender cuts loan
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Mortgage lender cuts loan
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