Nationwide stop interest only mortgage lending

Nationwide stop interest only mortgage lending

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Nationwide drop interest only

Nationwide Building Society today announced that as of 11th October they will no longer accept new mortgage lending business on an interest only basis.

Whilst existing interest only mortgage holders will not be affected, any additional borrowing requested by existing mortgage holders cannot be on an interest only basis.

Nationwide is the first mainstream lender we have seen taking this approach and we do find it surprising. Many clients have sensible and legitimate ways to repay their capital after taking an interest only mortgage and this audience will now be excluded from Nationwide mortgage lending. Here’s hoping that this is not the start of a trend that will make an already shallow lending pool drier still.

The good news is that there are still many lenders currently offering interest only deals – to find out more call us on 020 8979 9684

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