Borrowers with interest-only mortgages could find it difficult to move home or switch their loan following a crackdown by some of the country's biggest lenders.
Santander, Barclays and Lloyds Banking Group, which includes Lloyds TSB and Bank of Scotland, have all recently tightened up the rules for interest-only loans. Santander, for example, now demands a 50% deposit if you want to take out an interest-only deal. If you choose a repayment mortgage, you can borrow up to 90% of the property's value.
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