At least 55 lenders offering interest-only mortgages
At least 55 banks and building societies provide interest-only mortgages to higher-earning applicants and borrowers with equity in their property. This figure does not include the private banks that consistently offer interest only.
Barclays, Halifax, HSBC and Metro Bank are some of the biggest banks providing interest-only mortgages. At the same time, smaller lenders like the Family Building Society and Principality Building Society regularly offer interest-only terms.
Aaron Strutt, product director at Trinity Financial, says: "Many borrowers automatically take full capital repayment mortgages even though they qualify for interest only or part interest-only.
"Interest-only provides people with payment flexibility which is very useful during a cost of living crisis. Borrowers can minimise their costs when they need to and make lump overpayments when they have more disposable cash."
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