The Times - Interest-only mortgages are back — but only if you’ve got money or equity in your property
The number of lenders offering interest-only mortgages has more than doubled in five years according to figures from Moneyfacts.co.uk.
Aaron Strutt, of mortgage broker Trinity Financial, told The Times borrowers taking interest-only were “generally older borrowers with a large deposit or lots of equity in their property.”
Santander and HSBC require a minimum sole income of £100,000 to qualify for interest-only, while Natwest’s minimum is £75,000, with at least £200,000 equity in the home they are getting a mortgage on.
Metro Bank does not have a minimum income but it is usually only provides interest-only to wealthier homeowners who can meet the bank’s criteria.
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