The Sunday Times - RBS blow for first timers on interest-only mortgages
Government-backed Royal Bank of Scotland, which also owns NatWest, has announced that first-time buyers will no longer be able to secure interest-only mortgage deals, forcing them to take more costly capital repayment loans instead.
Aaron Strutt at Trinity Financial, the broker, said: “Banks and building societies are looking for more ways to tighten their lending criteria. When a lender says that they are being more responsible, they are basically saying that it will be harder to get a mortgage with us.”
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