Those crazy Europeans lead the world with innovative (read risky) mortgage products. The latest "loose loan" comes out of the U.K. where England’s biggest mortgage lender is set to launch a 125% mortgage. (See Times Online story)
That extra 25% puts cash in the homeowners pocket, enough to cover the stamp tax and buy some nice new furniture! Just don’t scare yourself by calculating the interest expense or worse, the implications of negative equity as noted by Jaya Narain of the Daily Mail. (See story)
Now let’s see what Canada’s three new mortgage insurers can come up with.
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