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ING Direct slashes interest-only LTV

ING Direct has cut its maximum LTV for interest-only lending to 50% from 75%.

Borrowers can top up their borrowing to 80% LTV, as long as 30% is on a capital repayment basis.

It has also changed its criteria for repayment vehicles. Where the sale of a property is being used, borrowers must have a minimum £165,000 equity in the property and cash ISAs will no longer be acceptable.

Endowment or pension plans can be used where the provider’s mid-point projected value is sufficient to repay the interest-only element. Unit trusts and stocks and shares ISAs are also allowed.



Economic tracker – April

NewBuy is positive message for market With the economy struggling to grow and continued buffeting of the banking system, it is worth reflecting again on the wider economic objectives of NewBuy. The first is to reopen a higher LTV lending market that had previously been closed as lenders retrenched following the adverse performance of new-build […]


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