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125% Mortgages and Remortgages withdrawn125% mortgages and remortgages are no longer available. The lenders who arranged these have withdrawn the products until further notice. Click Here for a lower percentage mortgage quote to be emailed back to your PC It meant that you could borrow up to 125% of the property value and was available to first time buyers as well as second and subsequent buyers Once available to first time buyers, next time buyers or someone wishing to release the equity in their home, by remortgaging without moving house, the 125% mortgage has been withdrawn. 125% remortgaging enabled a home owner to consolidate debts, pay off credit card bills, or raise money to help a child with a deposit for their first home. In fact the extra money could have been for "any legal purpose". 125% mortgages were particularly useful when property prices were rising faster than the speed at which a deposit can be saved. First time buyers could borrow enough to buy the house, pay the solicitor, stamp duty, and still have enough to decorate or furnish. 125% mortgages were made up of a maximum of 95% secured against the property (a mortgage) and up to 30% (or £30,000, whichever is the lower) as an unsecured loan, but with the same mortgage interest rate applied across both parts. 125% mortgages were available on fixed or variable interest rates, with the flexibility to overpay without penalty The 125% mortgage came with NO Higher Lending Charge fee to pay. The 125% mortgage had daily interest calculations. 125% mortgage was available from the High Streets third largest lender - Northern Rock
Main Points Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
On the negative side
Think carefully before securing other debts against
your home. Your home may be repossessed if you do not keep up repayments
on your mortgage |
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Mortgage Arrangers, Equity House, 225 Hatherley Road, Cheltenham Gloucestershire GL51 6HF
Telephone: 01242 248181 to speak to a mortgage broker
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E-mail: Mortgage Arrangers |