Skipton improves their interest-only acceptance criteria
Skipton Building Society has improved their acceptance criteria for applicants looking for an interest-only mortgage.
The lender now requires borrowers to put down a 30% deposit, rather than a 40% deposit. First-time buyers will still be expected to take a mortgage on full capital repayment.
For larger mortgage loans, the first £500,000 can be on interest-only providing borrowers have a suitable repayment strategy. Any amount above this level has to be taken on a capital repayment basis.
Skipton is offering some of the lowest mortgage rates at the moment and one of their cheapest two-year fixed is as low as 1.99%. Borrowers will need a 30% deposit to access this rate and it has a £995 arrangement fee. The APR is 5.2%.
If you would like help to secure and interest-only mortgage, call Trinity Financial on 020 7016 0790. February 26, 2014
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