Interest only product from Clydesdale
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The Clydesdale bank are about to launch a new interest only mortgage which will revert to a repayment mortgage after 3 years. Full details are not out yet, but this will allow people the opportunity to keep outgoings low for another 3 years, then reverting to a repayment basis so that they know their mortgage will be cleared by the end of the term.
Interest only is in the process of being phased out for all but the very wealthy (most lenders now require minimum loan of £300,000) so this will provide some respite for those still suffering from the credit crunch, but who would hope to be in a better position in 3 years time.