Nationwide Building Society have just announced that they will no longer be offering interest only mortgages on residential mortgages from Thursday 11th October, for new or additional borrowing.
Their existing customers may retain their interest only mortgage, but cannot increase their borrowing on that basis.
Buy to let lending is not affected.
We expect that other lenders will follow suit and the advice from Complete Mortgages is to review your interest only mortgage arrangements on a regular basis. If you would like to discuss your arrangements please call us on 0845 658 6060 / 01483 233014.