Changes to Interest Only Criteria Excluding Buy to Let loans
The following change has been made to the Society’s interest only criteria.
- When an element of interest only lending is present, the maximum LTV for all residential mortgage applications will be reduced to 50%, with effect from Thursday 29th March, 2012.
- This change does not apply to buy to let loans.
- The change is effective from Thursday 29th March, 2012.
- No changes have been made to the packaging requirements and Intermediaries continue to have 21 days to submit.