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How to avoid buyer’s remorse
15 November / 2018

Government sets eyes on AML violations in the property industry
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The Guild comments on the Autumn Budget
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VIDEO: How to take the stress out of moving
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VIDEO: Top tips to renovate a property
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The Guild launches in Northern Ireland
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Win a birthday cake to celebrate The Guild’s 25th anniversary
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Video: Can your garden add value to your property?
31 May / 2018

Video: How to know when it's time to sell your home
24 May / 2018

Video: How can you become an estate agent?
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Video: How to buy land and build your dream home
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Video: How to spot an overpriced home
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Video: Upsizing in 2018
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The Best British Villages You've Never Heard Of
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Video: How to homestage your property to sell
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Renovating a derelict home
28 March / 2018

How to know when it's time to put your home on the market
16 March / 2018

The Guild's reaction to the Spring Statement 2018
14 March / 2018

What are the Benefits of Downsizing in 2018?
13 March / 2018

Spring Statement wish list
9 March / 2018

Video: Sell Your Home Through the Modern Method of Auction
9 March / 2018

Property Predictions for the Housing Market in 2018
7 March / 2018

Top 10 ways to add value to your garden
6 March / 2018

Secret tips to sell and move in before Christmas
19 November / 2018

VIDEO: How to get more property viewings
24 July / 2018

VIDEO: How to take the stress out of moving
26 October / 2018

How to take the stress out of moving house
20 June / 2018

Video: How to homestage your property to sell
4 April / 2018

How to know when it's time to put your home on the market
22 May / 2018

Property Predictions for the Housing Market in 2018
21 June / 2018

Top 10 ways to add value to your garden
21 June / 2018

How to avoid buyer’s remorse
19 November / 2018

What are the 10 biggest turn-offs for home buyers?
25 October / 2018

Splashing Out: Bathroom Bliss
18 October / 2018

For sale: Five of the best gorgeous gardens
18 October / 2018

What to avoid when buying a property for the first time
26 October / 2018

Which room convinces you to buy?
9 August / 2018

VIDEO: Top tips to renovate a property
4 July / 2018

Video: How to turn your homes weaknesses into strengths
21 June / 2018

Video: How to know when it's time to sell your home
24 May / 2018

How to upgrade your home for less
24 April / 2018

Video: How to spot an overpriced home
22 May / 2018

Video: Upsizing in 2018
6 April / 2018

Renovating a derelict home
28 March / 2018

Video: Sell Your Home Through the Modern Method of Auction
21 June / 2018

Government sets eyes on AML violations in the property industry
1 November / 2018

The Guild comments on the Autumn Budget
30 October / 2018

The Guild launch event in Northern Ireland a huge success
27 September / 2018

An interview with Wilsons Auctions
21 September / 2018

Competition: Win a luxury hamper from Regency Hampers
15 September / 2018

The Guild expands to Northern Ireland
4 September / 2018

The Guild launches in Northern Ireland
29 June / 2018

Win a birthday cake to celebrate The Guild’s 25th anniversary
22 June / 2018

The Guild's reaction to the Spring Statement 2018
14 March / 2018

Spring Statement wish list
9 March / 2018

Should you buy, sell or trade up before Brexit?
19 October / 2018

Northern Ireland - The happiest place to live in the UK
11 September / 2018

The Best British Villages You've Never Heard Of
4 May / 2018

Video: How to upgrade your home for less
14 June / 2018

Video: Can your garden add value to your property?
31 May / 2018

Video: How can you become an estate agent?
18 May / 2018

Video: How to buy land and build your dream home
11 May / 2018

What are the Benefits of Downsizing in 2018?
16 March / 2018

Halifax Relaxes Interest Only Criteria

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Halifax Relaxes Interest Only Criteria

Selling GPEA 24th February 2017

Halifax, one of Britain’s biggest lenders, has recently relaxed the criteria borrowers are required to meet if they want an interest-only mortgage.

With this type of mortgage, as the name suggests, you only repay the interest on the amount you’ve borrowed each month. The capital must be repaid when the mortgage term ends.

Homeowners used to need a minimum £1million pension pot to be eligible for an interest-only mortgage with Halifax.

Now they only need to prove they have a pension which will reach £400,000 by the time they retire.

They can also sell their home as a means of paying back what they owe. To be eligible, however, homeowners must have an income of £100,000 or more, or £150,000 if applying as a couple. They must also have at least £200,000 equity in the property.

Interest-only deals were very popular prior to the credit crunch, but lenders have since made it harder to qualify for this type of loan.

Most lenders do still offer interest-only mortgages, but may impose eligibility requirements. For example, Virgin Money will lend on an interest-only basis to borrowers with a joint income of £50,000, while NatWest requires a minimum income of £100,000.

Changes such as those made by Halifax show that lenders are re-assessing their approach to interest-only, although borrowers will still need to demonstrate a repayment plan to ensure it’s appropriate.