Want a house worth $500,000? Northern Rock would loan you $625,000. Party time!!!
Then, of course, you simply default, and enjoy the proceeds! Meanwhile, the UK taxpayer is fuc*ed.
Please tell me one day that they'll put the bankers who did this in jail.
Northern Rock pulls plug on 125% mortgages
In an effort to limit its risky lending, Northern Rock yesterday pulled its Together mortgage range, which offered a loan to value (LTV) of up to 125 per cent.
The range, launched nine years ago, proved popular with first-time buyers as it allowed them to combine a mortgage and personal loan to borrow more than the amount their property was valued at.