Lloyds & Halifax borrowers: prove you can repay interest-only | This is Money
Homeowners wanting an interest-only mortgage at Britain's largest bank must now prove they have the investment potential to pay off their loan.
Borrowers at Lloyds Banking Group, which includes Halifax and Cheltenham & Gloucester, are already restricted to borrowing up to 75% of the value of their home if they only want to pay the interest, but not the capital they owe, on their loan.
Now Lloyds and Halifax is demanding evidence of specific types of repayment plans such as an endowment, Isas, pension, savings account or sale of an unmortgaged property.
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