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Nationwide cuts interest-only LTV to 50%

Nationwide Building Society is slashing its interest-only LTV for residential lending from 75 per cent to 50 per cent.

The society says the change is in response to changes made by other lenders and takes effect tomorrow. 

Nationwide head of mortgages Martyn Dyson says: “A number of major lenders have recently restricted their criteria for interest-only mortgages and Nationwide needs to be able to manage application levels in a prudent and sustainable manner.  

“The group is therefore amending its policy to a maximum of 50 per cent LTV.”

Nationwide lowered its LTV for interest-only to 75 per cent in April 2011, it previously offered 85 per cent LTV.

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