Woolwich to tighten their interest-only policy again

Aaron Strutt Image

Woolwich is planning to make further changes to their interest-only lending policy. The latest criteria amendment will make it even harder for their customers to qualify for interest-only. The new rules will require the maximum loan to value to be 50% with a minimum equity in the property of £300,000. Before January 14, borrowers wanting to use the sale of the property as a repayment vehicle will need a lesser amount of £150,000 equity in the property. They must also not be any higher than 66% loan-to-value. Trinity Financial has access to a number of lenders offering interest-only mortgages.  Call us on 020 7016 0790 to find if you qualify. January 4, 2013
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