The Banks and Building Societies are in my opinion being very unfair to people who have taken interest only mortgages with a high loan to value before the credit crunch. With all of the reductions in new offers those who have 70% or more loan to value will find it very difficult to switch to a new interest only mortgage provider. This will inevitably have a disastrous impact on labour mobility in the UK as people will be stuck with their mortgage product and will not be able to move to another location with a comparable deal. rnrnThe article which inspired this blog post is http://www.moneymarketing.co.uk/mortgages/nationwide-cuts-interest-only-ltv-to-50/1048297.articlernrnThis information is intended to provide a general review of certain topics and its purpose is to inform but not to recommend or support any specific investment or course of action.rn
