Santander offering more generous interest-only mortgages but you will need to earn over £250,000 to qualify
Santander for Intermediaries has increased the loan-to-value it accepts on interest-only mortgages for wealthier borrowers.
The bank has taken the unusual step of setting a sizeable minimum income requirement of more than £250,000 to qualify for 75% on interest-only. This is up from Santander's more standard 50% loan-to-value cap for interest-only.
Under the new rules, if the mortgage is on a part-interest and part capital repayment basis, 50% can on interest-only and up to 35% on capital repayment. But, for those earning more than £250,000, 75% of the mortgage can be on interest-only and 10% on capital repayment.
Aaron Strutt, product director at Trinity Financial, says: "There are nearly 50 high street banks and building societies providing interest-only mortgages plus the private banks. Many of them do not offer 75% on interest-only or have such low rates, but you will not need such a large salary to be accepted."
Call Trinity Financial on 020 7016 0790 to secure an interest-only mortgage
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
As seen in
