Nationwide - interest only mortgages down to 50% LTV from tomorrow

property.advert

Nationwide head of mortgages Martyn Dyson says: “A number of major lenders have recently restricted their criteria for interest-only mortgages and Nationwide needs to be able to manage application levels in a prudent and sustainable manner.

The group is therefore amending its policy to a maximum of 50 per cent LTV.”

Stupid lemmings. Oh, so and so is lending 137.5% mortgages, we'd better do the same !

So you have to pay tax on money simply to pay a mortgage when it would be far more prudent to put that in a pension, reclaim the tax and pay down the mortgage later in life.

Of course, the whole world could come to and end tomorrow with the Budget but you'd have thought Nationwide would hold off until then before making a decision.

shortchanged_2

Very sensible decision by the Nationwide.

Thrugelmir

property.advert wrote: »

Stupid lemmings. Oh, so and so is lending 137.5% mortgages, we'd better do the same !

Being out of line means that they'll be inundated with applications.