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Loan claim: Banks stop offering interest only deals

HSBC and Yorkshire Building Society have said that they will no longer be selling interest only mortgage deals to homeowners.

Only customers with a Premier bank account
at HSBC , which requires at least £50,000 for people to qualify for one, will be able to take out interest only mortgages from them. This will come into effect from March 24th.

Yorkshire Building Society has said that it will only be offering interest only loans to buy-to-let landlords from March 25th.

Interest only mortgage deals were popular with homeowners prior to the financial crisis. They required owners to only pay for the interest on their mortgages until the end of the mortgage term where they would have to repay the capital. However, many interest only mortgages are coming to a close with many homeowners having been unable to afford the capital on their home.

Recently other banks and building societies have been pulling out of interest only mortgage deals, such as Royal Bank of Scotland, Nationwide and Co-Operative Bank.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801560746-ADNFCR

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