Woolwich to restrict interest-only mortgage lending from 25th October 2010
Published ¤ 22/10/2010 13:31:09
With effect from Monday 25th October Woolwich, the mortgage lending arm of Barclays, will be making changes to their residential lending policy for interest only mortgages.
In a recent update, Woolwich said: "We firmly believe that interest only mortgages have a place in the mortgage market. However, the current economic conditions of low interest rates, coupled with uncertain trends in terms of future house prices have meant it may not be suitable for some clients to take out interest only mortgages.
"As a responsible lender, we want to work with you [the broker] to ensure that customers are sold the most appropriate mortgage for their circumstances. In looking to protect the long term interests of your [the broker's] client, we are making some changes to our lending policy regarding interest only mortgages."
This list is not exhaustive, but highlights the main changes to the lender's new policy.
If you are concerned about your mortgage options, speak to PKS, one of Hampshire's top brokers. For "truly" independent advice, call us on the number above.
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