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Exclusive: Yorkshire Building Society eyes interest-only relaunch

Yorkshire Building Society is looking to relaunch into residential interest-only mortgages this year, Mortgage Strategy can reveal.

Yorkshire would unveil any interest-only proposition in the second half of the year, should it go ahead.

A Yorkshire Building Society spokeswoman says: “We are reviewing it at this stage.”

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Mortgage Strategy understands the lender sees interest-only as a growing market and wants to keep up with increasing demand from borrowers.

In August 2012 the lender tightened its interest-only criteria for borrowers planning to use the sale of their home as the repayment vehicle by reducing the maximum loan-to-value available from 75 per cent to 50 per cent.

Yorkshire then stopped offering interest-only mortgages to new residential customers altogether in March 2013 ahead of the Mortgage Market Review’s tougher rules on repayment strategies for the loans.

Larger building societies including Leeds, Skipton and Cambridge currently offer interest-only mortgages.

Nationwide stopped selling interest-only loans in 2012.

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