Now Platform restricts access to interest-only
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Platform is the latest lender to crack down on interest-only lending.
It is no longer allowing interest-only deals on non-advised mort-gages and deals are now available only on a repayment basis.
A spokesman for Platform says it took the decision because of the risks of interest-only mortgages.
He says: “We believe it is in borrowers’ best interests to have advice to ensure product suitability and we support the intermediary market.
“Brokers give good professional advice and we encourage borrowers to use this service.”
Openwork recently launched a campaign encouraging interest-only borrowers to switch to capital and repayment loans.
The country’s third-largest network introducer is trying to ensure borrowers are not penalised for switching to repayment deals.
Openwork customers pay no administration fees when switching loans with lenders including Nationwide Building Society, Halifax, Cheltenham & Gloucester, Scottish Widows Bank, Lloyds TSB Scotland and Woolwich.
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