Thousands face interest-only mortgage crunch due to tough lending checks | Mail Online
Hundreds of thousands on interest-only mortgages may be unable to take a new deal or move home due to tough lending checks.
Anyone with less than 25 per cent equity or little savings may be forced to switch from interest-only to a repayment mortgage — adding hundreds of pounds to their monthly bill.
The warning comes as Britain’s second largest mortgage lender, Santander, started demanding a 50 per cent deposit from anyone who wants an interest-only deal.
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