The Sunday Times - A double blow for Santander borrowers
Santander, the second-biggest mortgage lender in the UK, has doubled the deposit required for new interest-only loans from 25% to 50%, in a move to reduce its exposure to that sector of the market.
Brokers warn that other lenders could follow suit and apply stricter criteria to interest-only deals. Aaron Strutt of Trinity Financial said: “When one of the biggest lenders makes such a significant change, other banks often follow its lead.”
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