HSBC and Yorkshire exit the interest-only market

Aaron Strutt Image
HSBC and Yorkshire Building Society made substantial changes to their interest-only lending policies on Wednesday, just after the chancellor delivered the Budget. From Sunday 25 March, all lenders across the Yorkshire Building Society brands will stop offering interest-only mortgages. This includes: Chelsea Building Society, Norwich & Peterborough, Barnsley Building Society and Accord Mortgages. From next week, HSBC customers wanting to take an interest only mortgage will need to deposit savings or investments of at least £50,000 or have an individual income of at least £100,000. Aaron Strutt, a broker at Trinity Financial, says: “We still have access to a number of large high-street lenders offering interest-only, but they are under increasing pressure to stop lending this type of mortgage.” Private banks continue to lend interest-only mortgages to high-net worth borrowers. March 22, 2013
Get Started

Get started today

Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.

Google Reviews
Trustpilot
Book a Consultation Talk to an Expert
As seen in
Sunday Times Telegraph Financial Times BBC News The Express The Times