With Britain continuing to feel the effects of the credit crunch, Abbey has withdrawn the last 100 per cent mortgage on offer ‘until further notice’. With rival lenders decreasing loan to value ratios, increasing rates and removing products, Abbey had hitherto held their nerve but have now decided to follow a similar path.
More than 70 per cent of mortgage offers have now been withdrawn since the start of the credit crunch, with the slowdown showing no signs of stopping. Nationwide has announced it will stop lending home loans of over £1 million, whilst the Bank of England is expected to cut rates by a quarter point to 5 per cent, though it is unlikely this cut will be enjoyed by homeowners in their repayments .
Abbey Withdraws Last of 100pc Home Loans
Wed, 09 Apr 2008
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