Stroud & Swindon pulls 100% mortgage

Stroud & Swindon has become the latest lender to pull its 100% LTV mortgage.

Brokers were told four days ago that the mortgage was be withdrawn at close of play today.

The society says the product became too popular following a number of withdrawals from the high LTV market, it will now only borrow up to 90% LTV.

A spokesman for Stroud & Swindon, says: “We have had enough of this type of business at the moment. We can only write so much 100% LTV business, as other lenders pulled from the market the product became more popular.”

He could not say for sure whether it would be returning to the 100% LTV market, but it will be monitoring the market.

The move follows the decision by Mortgage Express to withdraw its 100% LTV range earlier in the week.