GE Money scraps interest only

Specialist lender GE Money has withdrawn its interest-only mortgage range citing the additional underwriting considerations as the cause.

Related topics:  Mortgages
Amy Loddington
3rd June 2014
Mortgages

The range, which was discontinued on 30 May, was available for mortgages up to 60% LTV.

MMR rules announced in October 2012 confirmed interest-only mortgages could only be offered where a credible repayment strategy was in place which prompted a number of lenders to stop offering interest-only entirely.

A spokesperson from GE said:

"GE Money Home Lending is ... withdrawing its interest only and part-and-part options due to the increased complexity of underwriting these types of loans."

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