The Telegraph - Wealthy homeowners seek out interest-only mortgages to cut costs
Homeowners and buyers are racing to switch to interest-only mortgages as they scramble to cut costs in response to rising interest rates.
Santander, one of Britain’s largest lenders, which also reported an increase, said the increase in interest began to take off in December 2021, when the Bank of England made the first of its five consecutive Bank Rate rises and the cost of living crisis began to set in.
Aaron Strutt of Trinity Financial told The Telegraph he had seen a 10pc increase in requests. “We are speaking to more borrowers who want to offset some of the recent rate hikes by taking interest-only or part interest-only rather than full capital repayment.”
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