Buckinghamshire Building Society has launched a mortgage aimed at borrowers aged 50 and over who have an interest-only mortgage but do not wish to sell their property when the mortgage term expires.
Interest-only mortgages once offered homeowners the flexibility to pay off their capital in a way which suited them.
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Other Interest-only articles
Clydesdale Bank has increased its interest-only loan-to-value to 75% for loans which use the sale of the property or a cash lump sum as an exit strategy.
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Those of us with long enough memories will recall, with a shiver, the first few days and months following M Day back in 2004.
Virgin Money has announced a number of rate reductions across its range of buy-to-let mortgages but is to restrict interest-only residential lending to High Net Worth individuals.
Interest-only borrowers could represent a 'single-digit' share of the mortgage market in future years, a lender boss has suggested.
Stonehaven’s managing team have launched a lifetime mortgage outsourcing service targeted at banks and other lenders.
As many as 30,000 borrowers could be forced into arrears if the Bank base rate increased, HML researchers suggested this week. A few days earlier, Citizens Advice raised concerns about the impact of an interest rate rise on buy-to-let landlords – and the knock-on effect for tenants.
Lenders should offer “irrationally optimistic” interest-only borrowers clear guidance instead of a range of choices if they want them to repay their mortgage, a behavioural economist has said.
Precise Mortgages has withdrawn its interest-only option from its home owner range due to a lack of demand.
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