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New 125 per cent mortgage from Nationwide is not careless lending say experts

15/07/2009


Nationwide who have just introduced a new 125 per cent mortgage believe that it doesn’t not constitute careless lending.

This new mortgage will be offered to existing customers who have found that their property has gone into negative equity.

Paul Holmes from Firstung commented: "The 125 per cent mortgage product, even in its halcyon days, only occupied half a per cent of the mortgage market. It caused no damage."

He also said that the 125 per cent mortgage will not be available to first time buyers.

The nationwide is keen to find a way to keep its existing customers and put them on a low mortgage rate rather than to send letters asking them to leave the property.

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