Leeds loosens interest-only criteria

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Leeds Building Society will now accept sale of property as a repayment method for certain interest-only borrowers.

This repayment method is available to those on part and part interest-only mortgages up to 75 per cent LTV.

Leeds director of business development Martin Richardson says: “We always try to be responsive to borrowers’ and brokers’ feedback and have kept our criteria under review since we launched part and part interest-only mortgages almost a year ago. These latest changes are part of how we’ve further refined and improved criteria since we brought this award-winning product to the market.

“As anticipated, part and part has been particularly popular for remortgages as it offers borrowers currently on full interest-only the flexibility to start paying down their loan in a manageable way.”