What the hell is going on? Banks soon to launch 120% mortgages this is just crazy and I have no doubt this will be a very popular product Imagine not having to scrimp n save for a deposit but also imagine having an extra 20% to kit out your house buyers will just spend, spend, spend and some may also use it to pay off other debts..
And it's coming soon to a bank near you
BANKS and building societies have been given the green light to bring in mortgages as high as 120pc.
As the market comes to terms with the first home loans of 100pc, lenders were told yesterday that no obstacle would be put in their way if they wish to offer the super-mortgages which are popular in Britain and the USA.
The Financial Regulator said it would not oppose the move.
"I don't think the financial institution can stand in the way of a person's constitutional right to make mistakes," said the regulator's chief executive, Liam O'Reilly.
In the end, borrowers and investors must make their own decisions and live with the consequences, he added.
And it's coming soon to a bank near you
BANKS and building societies have been given the green light to bring in mortgages as high as 120pc.
As the market comes to terms with the first home loans of 100pc, lenders were told yesterday that no obstacle would be put in their way if they wish to offer the super-mortgages which are popular in Britain and the USA.
The Financial Regulator said it would not oppose the move.
"I don't think the financial institution can stand in the way of a person's constitutional right to make mistakes," said the regulator's chief executive, Liam O'Reilly.
In the end, borrowers and investors must make their own decisions and live with the consequences, he added.