Gordon Brown to ban 100% mortgages
Feb 23, 2009 | Comments 0
Prime Minister Gordon Brown is thought to be in the process of banning 100% mortgages, this is part of his plans to create a more sustainable lending environment for the UK. The PM announced his plans in an article in the Observer yesterday, where he said that lending in the future needs to be “prudent and careful.”
Lord Myners said, “Banks were ‘foolish’ to offer 100% mortgages.” The plans that Gordon Brown plans to ban 100% mortgages is an admission that our government has not done enough to protect borrowers from lending above their means.
Most 100% mortgages have now been scrapped by banks, but this outright bank will make certain that borrowers are protected from themselves. You have to ask yourself if this ban is a year too late.
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Filed Under: Mortgage News