Leeds Building Society loosens its interest-only mortgage criteria
Leeds Building Society is now accepting the sale of property as a repayment method for certain interest-only borrowers.
The Society has boosted its lending criteria enabling more clients to secure part and part interest only mortgages while using the sale of property as a repayment strategy.
Aaron Strutt, product manager at Trinity Financial, says: “Leeds products are available up to 75% ltv, with a maximum of 50% on an interest only basis and the remainder on a capital and repayment basis.
“The lender does not require borrowers to have a minimum income although it expects them to have £150,000 equity in the property at the end of the mortgage term.
“More of the banks and building societies are offering interest-only mortgages and looking to increase lending in this part of the market. Virgin Money recently made interest-only changes but its criteria is still rather strict.”
For help to secure an interest-only mortgage, call Trinity on 020 7016 0790.
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