Mortgages (arranged free of broker fees)

Unfortunately it is now not possible for you to borrow 125% of the value of the property. However, 100% mortgages are available with a parental guarantor, and 95% mortgages are still obtainable.

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First time buyers were able to borrow enough to buy the property, pay the stamp duty, solicitors fees and still have enough for furniture.

Home movers could have changed lenders and taken advantage of this mortgage in exactly the same way.

If you were not moving home, but wanted to consolidate debts (credit card bills, bank loans, finance) build an extension, buy a new car or even help a child with their deposit for their first purchase, you were able do it.

The facility was made up of a maximum of 95% as a secured loan (a mortgage) and a maximum of 30% of £30,000 (whichever is the lower) as an unsecured loan, but with the same interest rate applied across both parts.

On the negative side
The interest rate was usually higher than on sub 100% mortgages.
You were borrowing more than the value of the property (a maximum of 95% as a mortgage, and a maximum of 30% (or £30,000 whichever was lower) as an unsecured loan.