Nationwide Building Society reduce maximum interest only

Nationwide Mortgages

Nationwide follows Santander and Halifax

Nationwide Building Society has today announced that it is reducing it’s maximum loan to value limit on interest only mortgage applications to 50%. This follows similar announcements in recent weeks from Abbey Santander and Halifax.

In April 2011 Nationwide reduced maximum loan to value for interest only mortgage applications from 85% to 75%, and this current move brings them in to line with their major competitors.

There are a number of Lenders still offering interest only mortgages above 50% loan to value but we expect that market to shrink further during next quarter.

We would urge anyone who needs an interest only mortgage above 50% loan to value to take action immediately.

If you require an interest only mortgage – contact us now.

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