Santander still has a generous interest-only lending policy
Santander for Intermediaries is still offering some of the most attractive interest-only mortgages in the market and they are very popular with our clients.
One of the main benefits of Santander’s policy is that they are still accepting the sale of the property as a repayment vehicle for interest-only mortgages up to 50% loan-to-value (ltv).
This is something many lenders do not offer and it is particularly attractive to borrowers with larger deposits and homeowners with lots of equity in their property.
Their lending policy explains where any part of the mortgage is on an interest-only basis the maximum loan-to-value is 75%, although any lending over 50% up to 75% ltv must be on a capital and interest basis.
Applicants will need at least £150,000 worth of equity requirement in their property to qualify and the maximum term is 25 years. The mortgage would also need to be repaid by the applicants 65th birthday.
Aaron Strutt, product manager at Trinity Financial, says: “If you are trying to remortgage your property and you have struggled to find a lender with more lenient interest-only acceptance criteria, Santander maybe a good option.
“It is worth remembering that the lender is very specific about the wording they accept on their application form. They typically don’t want to know about all of your pensions or your income into retirement.”
If you would like help to secure a leading interest-only mortgage, call Trinity Financial on 020 7016 0790.
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