Bradford & Bingley mortgage could be investigated
www.moneynews.co.uk > Mortgages > Bradford & Bingley mortgage could be investigated
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Money News |
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Bradford & Bingley mortgage could be investigated
Tue 18th Jan 2005
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According to the Times, Labour MP Nigel Beard, who is a member of the Treasury Select Committee, said he wanted such loans to face an enquiry.
He told the paper: "I would like to see the committee investigate such high-value loans before they become a trend."
Such high-value mortgages were singled out for criticism by the Bank of England when commenting on Britain's £1 trillion debt mountain last year.
The loan is also poor value with a rate of 6.49 per cent over three years, which is nearly two percentage points higher than the lowest rates available.
However, B&B explained the loan was designed to allow first time buyers and existing owners to consolidate credit card and other personal debts, and that it had proved successful in a pilot in Northern Ireland.
"We ran an expensive two-year pilot on this product and found that there was a market for it. We always act as a responsible lender," B&B said.
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Related News : Bradford and Bingley |
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