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Report: Barclays offers 100% mortgage loans

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Report: Barclays offers 100% mortgage loans

BarclaysPlc is allowing some customers to take loans equivalent to 100% ofa property's value, the Financial Timesreported May 4.

This is the first time since the financial crisis that ahigh street U.K. bank has offered a home loan without a deposit, the FT said, adding that most banks ask for5% to 10% as down payment.

To get the mortgage loan, a family member or guardian of thehome buyer will have to put cash equivalent to 10% of the purchase price of theproperty in an account linked to the mortgage, the paper noted. This amount,plus interest, will be returned at the end of a three-year period, provided theborrower fulfills the repayment obligations.