x
By using this website, you agree to our use of cookies to enhance your experience.
STAY CONNECTED!
  
newsletter-button

Halifax demands proof of repayment plans

31 May 2011
Written by rosalind renshaw

From today, Halifax Intermediaries will have to produce evidence of a borrower’s repayment plan if they are taking out an interest-only mortgage.

No offers will be made without this extra documentation, and the deal will only be accepted if the borrower produces a payment plan to cover the full amount being sought on the loan.

Existing customers will also be required to provide hard evidence of an appropriate repayment plan if they want to convert all or part of their mortgage from repayment to interest-only.

Halifax will check all the evidence against its list of acceptable repayment vehicles before allowing the deal to proceed any further.

A spokeswoman for Halifax Intermediaries said: “It is important that can see that customers looking to borrow on an interest-only basis have an appropriate repayment plan in place.”

Comments

Breaking News
MovePal MovePal MovePal