Mortgages Uncovered

Nationwide yesterday defended the launch of their 125 per cent mortgages.

The building society said the “very niche” product was only available to existing borrowers who needed to move, but owed more on a mortgage than their property was worth. A Nationwide spokesman said:

“We are doing something socially responsible.

In my opinion this is just another way for the banks to get round the problem of lending money to make it look as if they are morally correct. And anybody with a bank account knows that the banks and building societies are only in it for the money at the end of the day”