Nationwide returns to interest-only purchase lending

Essex Home Finance
Nationwide has relaunched a range of interest-only purchase mortgage deals, available through brokers.
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Following an eight-year hiatus from interest-only lending, Nationwide introduced a range of interest-only remortgage products in April.

It has now added a range of products available for purchase and remortgage up to 60% LTV with rates the same as its capital repayment mortgages, starting from 1.24%.

Borrowers will require a minimum equity of £300,000 in London, £250,000 in the South East and £200,000 across the rest of the UK.

Applicants will need a minimum income of £75,000 for sole applications or £100,000 if joint, with a maximum term of 25 years.

Henry Jordan, Nationwide’s director of mortgages, said: “Interest-only lending remains an important part of the market, especially for those with a good level of equity in their home.

“Since we re-entered the market earlier this year, we have seen good demand from borrowers and are pleased we can now expand our interest only range to purchases as well as remortgages.

“As the UK’s second largest lender, it is natural that we continue to look at ways we can support the mortgage market, including the products we make available through brokers and we hope to expand our range further in the near future.”

Original Article from Financial Reporter 16/11/2020

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