Cheltenham & Gloucester Building Society (C&G) is withdrawing all of its 90% plus LTV mortgage products it was announced today.
Eleanor Ross, media relations manager at C&G, says high LTV products are not the core part of the society’s lending business and adds the average LTV for new business is 63%.
“This is part of our prudent approach to lending – we’ve never been big players in this part of the market and our 100% products have always been priced at the higher end. It’s a tiny part of our business – only 1.7% of lending is 95% and above."
C&G sent a note to intermediaries last night to inform them the products will no longer be available.
As well as withdrawing a number of products, some 95% LTV products have had their LTV reduced to 90%, with other terms staying the same.
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