Next week will see history made in the mortgage market.
From next Tuesday the Co-operative Bank and Britannia Building Society will no longer offer mortgages on an interest-only basis.
Customers will now only be able to take out mortgages on a capital and repayment basis.
The lender says it expects the changes being proposed in the Mortgage Market…Continue
Added by Mark Williams on May 2, 2012 at 16:00 — No Comments
Borrowers on standard variable rate interest-only mortgages need to think about remortgaging fast as nine lenders have now cut their maximum loan to value.
Anyone with an interest-only mortgage that is currently on a lenders’ own variable rate (Standard Variable Rate) needs to think very seriously about protecting their position following the recent sudden surge in lenders reducing the Loan to Value on…Continue
Added by Mark Williams on April 4, 2012 at 10:00 — No Comments
Interest-only mortgages have taken another step towards extinction with Nationwide and now Coventry Building Society demanding that new borrowers have 50pc equity in their home if they want to avoid making capital repayments.
Both, which previously lent on an interest-only basis to borrowers with 25pc equity or deposit, sited the need to "manage application levels" following similar moves from competitors. The…Continue
Added by Mark Williams on March 21, 2012 at 12:00 — No Comments
We are all familiar by now with the pension time bomb; it has been rearing its ugly head in the news for years.
However, we are less familiar with another time bomb that has also been ticking away over the past 20 years or so and which is now going off in people's faces up and down the land.
I am talking about the waves of interest-only mortgages taken out in the late…Continue
Added by Mark Williams on February 27, 2012 at 15:30 — No Comments
Interest-only mortgages are set to disappear as a major high street bank restricts access to home owners.
Santander has become the first major high street bank to insist that home owners need a 50pc deposit – or 50pc equity in their home – if they want an interest-only mortgage.
This move not only affects those buying a property, but will also hit existing borrowers who…Continue
Added by Mark Williams on February 8, 2012 at 12:30 — No Comments
It is the latest example of banks and building societies tightening their lending criteria amid growing fears that home owners…Continue
Added by Mark Williams on April 16, 2011 at 16:00 — No Comments
Added by Mark Williams on January 26, 2011 at 8:00 — No Comments