NatWest returning to interest-only mortgage market
NatWest for Intermediaries has confirmed it will re-enter the higher end of the interest-only mortgage market after a three-year absence.
Borrowers will require a single gross annual income of at least £100,000, excluding any discretionary bonuses, to qualify for NatWest’s interest-only mortgages.
They will also need a 25% deposit and an acceptable strategy to repay the mortgage.
NatWest’s head of intermediary mortgages Graham Felstead says: “Having undertaken a thorough review of the market, we believe we can help many customers who meet specific conditions with their homeownership needs.”
There will be a maximum term of up to 35 years for mortgages up to £500,000 and this will be reduced to 30 years if the loan is more than £500,000.
NatWest pulled out of the interest-only market on the same day as the Coventry Building Society back in 2012. Both lenders had said the withdrawal was due to a lack of demand.
For help to secure an interest-only mortgage, call Trinity on 020 7016 0790.