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Santander for Intermediaries has increased the loan-to-value it accepts on interest-only mortgages for wealthier borrowers.
 
The bank has taken the unusual step of setting a sizeable minimum income requirement of more than £250,000 to qualify for 75% on interest-only. This is up from Santander's more standard 50% loan-to-value cap for interest-only.
 
Under the new rules, if the mortgage is on a part-interest and part capital repayment basis, 50% can on interest-only and up to 35% on capital repayment. But, for those earning more than £250,000, 75% of the mortgage can be on interest-only and 10% on capital repayment. 
 
Aaron Strutt, product director at Trinity Financial, says: "There are nearly 50 high street banks and building societies providing interest-only mortgages plus the private banks. Many of them do not offer 75% on interest-only or have such low rates, but you will not need such a large salary to be accepted."
 
Call Trinity Financial on 020 7016 0790 to secure an interest-only mortgage
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