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Budget News Aside…Another Interest Only Change!

20.03.13

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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Andrew Montlake

Written by Andrew Montlake

Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.

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