Last 100 per cent LTV mortgage product pulled

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Last 100 per cent LTV mortgage product pulled

Tue, 01 Jul 2008

The last mortgage lender offering 100 per cent loan-to-value deals has pulled out of the market, it has been revealed.

According to Louise Cuming, head of mortgages at moneysupermarket.com, the withdrawal of the Bank of Ireland - which includes Bristol and West - is a blow for first time buyers .

She said: "This is a very disappointing move by the Bank of Ireland because its product was designed around parental support and was an innovative approach to help first time buyers onto the housing ladder."

The move is further evidence that mortgage lenders are keen to avoid "higher risk" customers, she added.

First time buyers looking to get a mortgage might find it harder to save up a deposit due to the rising cost of living, Ms Cuming stated.

David Kuo, head of personal finance at Fool.co.uk, has warned banks not to treat mortgage customers unfairly now as they may look to get their revenge when market conditions improve.

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Link to this page

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