HSBC changes their interest-only lending policy

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HSBC is the latest mortgage lender to make changes to their interest-only lending policy. With effect from 25 March 2013 they will stop accepting interest-only applications for borrowers unless they are a premier customer. In order to qualify for premier banking, clients need to either have savings or investments of at least £50,000 or an individual income of at least £100,000. The availability of interest-only mortgages has reduced since the start of the year and a host of other lenders have pulled out of this market. Aaron Strutt, a broker at Trinity Financial, says: “Interest-only is certainly becoming more of a niche product. For the first time it is safe to say that interest-only may not be around much longer. “We still have access to three high-street lenders offering interest-only but they may well stop over the coming weeks."  Call us on 020 7016 0790 to secure an interest-only rate today. March 21, 2013
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