It seems that the budget has provided a good excuse for other lenders to make their own announcements.

The latet is that Accord are pulling out of Interest Only entirely from Sunday.

This is a group wide policy so will affect Chelsea and Yorkshire BS as well with all applications needing to be with them before the closing date.

Andrew Montlake, Director at Coreco Independent Mortgage Brokers commented, “It was interesting to note that this move was communicated on Budget Day, presumably in the hope that it would be passed over with other news, but this is another big blow to those who believe there is a place for interest only.

Given the positive news in the Budget with the announcement of the Help To Buy Scheme I hope that this negative news does not lead to more lenders who have already set a sensible interest only policy reviewing their stance yet again.”

 

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