More lenders pull out of interest-only

Aaron Strutt Image
Three more lenders have announced that they will pull out of interest-only. The Coventry Building Society, NatWest and Royal Bank of Scotland will all stop interest-only lending on December 3. Colin Franklin, director of sales and marketing at Coventry, told Mortgage Strategy magazine: “Residential interest-only mortgages have declined to less than two per cent of all residential mortgage applications. We have therefore decided the time is right to leave this market.” Aaron Strutt, a broker at Trinity Financial, says: “Some lenders still accept interest-only and for high net worth borrower's private banks are happy to lend.” November 30, 2012
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