Lloyds makes changes to interest-only mortgage qualification criteria
Lloyds Banking Group has made substantial changes to their interest-only mortgage qualification criteria.
It is now more difficult to qualify for interest-only and any borrowers unable to meet the tighter criteria will be asked to take a capital-repayment mortgage.
The new lending criteria now states that pensions included into the mortgage calculations must have a minimum current value greater than £1 million and up to 25% of the current fund value can be used to support interest-only lending.
Cash savings are no longer accepted as a repayment vehicle for interest-only.
Febuary 17, 2012
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