100 per cent Mortgages Clampdown
Published / Last Updated on 27/02/2008
100 per cent mortgages are in a clampdown according to the Council of Mortgage Lenders (CML).
The credit crunch has constrained people’s finances substantially and lenders are continuing to withdraw from offering 100 per cent mortgages to avoid bad risks.
Our view
10 lenders major lenders have stopped offering 100 per cent mortgages, blaming wholesale money market liquidity and concerns over a weakening housing market. For those that still offer 100 per cent mortgages, 100 per cent mortgage interest rates are 8 per cent or more. Our advice is to save for a deposit.
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