February 25, 2009
100% Mortgages - A Big "NO" From Mr Brown
100% Mortgages - A Big "NO" From Mr Brown.
I don't blame him either. Gordon Brown wants 100% mortgages scrapped by lenders. Isn't this loose lending policy that brought down the likes of Northern Rock recently. They not only offered 100% mortgages but a further 25% loan was available on top!! No wonder people are looking to debt management as a solution!
Me thinks that he doesn't want to have to do another bail-out if they start relaxing lending criteria in the near future.
The government is bringing in new measures including:-
- Permission for the Bank of England to "print" £100bn in order to encourage quantitive easing.
- A cash injection of around £10bn for Northern Rock, to help start issuing new mortgages.
See I told you things were on the up Mr. Grimsdale!!
