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News Tag: interest only mortgages

November 30, 2012

Coventry Building Society stops interest-only mortgages

by Jan Harris
Coventry Building Society stops interest-only mortgages
Coventry Building Society has stopped offering interest-only mortgages, following similar moves by RBS and NatWest, after demand for this type of product fell. Nationwide and the Co-operative bank stopped offering interest-only mortgages earlier this year. Colin Franklin, sales and marketing director at the Coventry, said: "Residential interest-only mortgages have declined to less than 2% of all residential mortgage applications. “We have therefore ...




October 4, 2012

Nationwide stops offering interest-only mortgages

by Jan Harris
Nationwide stops offering interest-only mortgages
From 11 October new borrowers will no longer be able to take out an interest-only mortgage with Nationwide building society. Nationwide is following the Co-op bank, which pulled out of interest-only mortgages in May, while Santander and HSBC only offer this type of product to house-buyers with a 50 per cent deposit. Nationwide also previously offered interest-only deals to people with 50 per cent ...




May 25, 2012

FSA rules out ban on interest-only mortgages

by Jan Harris
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because of the weak economy and some ...




May 4, 2012

Co-operative Bank ends interest-only mortgages

by Jan Harris
Co-operative Bank ends interest-only mortgages
The Co-operative Bank will stop offering interest-only mortgages from next Tuesday, but the decision will not affect existing customers. A recent report by the Independent on Sunday suggested that a quarter of a million people with interest-only mortgages will reach retirement age by the end of the decade with a substantial capital debt still to pay. Customers on interest-only mortgages only pay the ...




April 16, 2012

Mortgage lending 4% higher in February

by Jan Harris
Mortgage lending 4% higher in February
Mortgage lending increased by 4 per cent in February, compared with the previous month, according to the latest figures from the Council of Mortgage Lenders (CML). The number of loans made for house purchase increased to 36,600, representing a year-on-year rise of 17 per cent. There was also growth in the number of first-time buyer mortgages, with 14,100 loans made to this ...




March 20, 2012

Nationwide restricts interest-only mortgages

by Jan Harris
Nationwide restricts interest-only mortgages
The Nationwide Building Society has become the latest lender to tighten lending criteria on interest-only mortgages, which are estimated to account for around 40 per cent of mortgages in Britain. The building society currently offers interest-only mortgages to residential customers with 25 per cent equity in their property. From tomorrow, only customers with 50 per cent equity will be eligible for this type of ...