Trusted Mortgage Advice | Neil Soundy Financial Services - CHANGING CRITERIA ON INTEREST ONLY MORTGAGES

CHANGING CRITERIA ON INTEREST ONLY MORTGAGES

Lloyds Banking Group borrowers (which include the Halifax) who have an interest only mortgage and now require a further advance will now have to supply evidence of a repayment plan for the entire loan.

Previously, Lloyds Group asked borrowers to provide evidence of a repayment method only for extra that they sought on the loan. From the 28/05/2012 borrowers have to show evidence that they can pay off the entire loan if their existing mortgage is interest only.

Since the start of the year a number of lenders have significantly tightened their interest only criteria, with many capping the maximum loan to value at 50%. The Co-operative Bank Group has pulled out of interest only completely. The lenders are now looking for a credible repayment strategy. Contact me for the latest criteria.

Why use Neil Soundy Financial for advice on your mortgage in Cardiff?

We will give you independent impartial advice on every mortgage from every lender.

Why not book a free no obligation meeting?

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Useful link

https://www.moneyadviceservice.org.uk/en/articles/choosing-a-mortgage-shop-around-or-get-advice

Neil Soundy Financial Services Ltd
66 Albany Road, Cardiff CF24 3RR

Tel: 02921 159 466 | 020 3011 0662

Website by Ballyhoo

© Neil Soundy Financial Services Ltd 2017-2019