Mortgages Cash flow negative

Mortgages used to be a sign of a sound financial culture. Hardworking families saved for their deposits and after many hardworking years got to own their houses outright. That was a long time ago. Mortgages are now a tool for the promotion of unsound finance. Witness the decision of HBOS, the largest consumer lender in the UK, to offer a mortgage worth 125% of the value of the house. Technically, these aren’t the negative equity mortgages that have flourished in the US. The UK product combines ...