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At least 47 high street banks and building societies are providing interest-only mortgages to borrowers with equity in their property or larger salaries.

Barclays, Clydesdale Bank, Halifax, HSBC and Metro Bank are some of the biggest banks to provide interest-only mortgages, while smaller lenders like the Teachers Building Society regularly offer terms.

The interest-only mortgage market has recovered since most of the lenders pulled out. On the 20th March 2013, HSBC, Yorkshire Building Society, Barnsley Building Society, Chelsea Building Society, Norwich & Peterborough, and broker-facing brand Accord Mortgages all stopped offering interest-only. 

Aaron Strutt, product director at Trinity Financial, says: "If you are looking to keep your monthly payments low and have a plan to repay the outstanding mortgage balance then interest-only can be a useful alternative to full capital repayment.

"The lenders are trying to attract borrowers, and they have eased their acceptance criteria, so there are more interest-only options available at any time since the credit crunch. Rates are normally the same, and there is not generally a premium to pay."

To qualify for interest-only with NatWest at least one applicant will need to earn a minimum basic salary of £75,000 but other smaller lenders do not have a minimum income requirement. Santander recently improved its criteria allowing 50% of the mortgage on interest-only and 35% on capital repayment.

Last year UK Finance reported 1.7 million interest-only mortgages were outstanding in the UK with around 200,000 due to mature by 2020.

Trinity has access to private banks and specialist providers offering interest-only mortgages.

Call Trinity Financial on 020 7016 0790 to secure a mortgage. You can also email enquiries@trinityfinancialgroup.co.uk

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