ING changes their interest-only lending policy
ING Direct has reduced its maximum loan-to-value for interest-only mortgages to 50% from 75%.
Borrowers will be able to secure an 80% loan-to-value mortgage partly on interest-only, although 30% of the mortgage will have to be taken on a capital repayment basis.
Cash ISA's will no longer be acceptable as a plan to repay the mortgage, and if you would like to use the sale of the property as a repayment plan, you will need to have a minimum of £165,000 equity.
April 20, 2012
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