At last some positive interest only mortgage news.

Several mortgage lenders who have so far left their interest only mortgage criteria unchanged, have now confirmed that they currently have no plans to amend their lending criteria.

High street lenders HSBC, Barclays, Virgin Money and the Yorkshire Building Society have all confirmed that they have no immediate plans to alter interest only mortgage criteria. This is very good news for those looking for a deal.

NatWest Intermediary Solutions were the latest to make changes by temporarily withdrawing interest only mortgage rates from its product range. A spokesperson advised that the decision was due to rapidly changing mortgage market conditions. Natwest expect to re-introduce interest-only deals in the near future.

Paul Broadhead who is the head of mortgage policy for the Building Societies Association has commented on interest-only changes.

He advises that such deals have been a part of the mortgage market for several years. However it is now clear that both the MMR and the FSA, would prefer to restrict the number of interest only deals reducing it to a niche product.

For mortgage borrowers it is good news to hear that remaining lenders have put a halt to any further changes.

As a number of lenders have already adjusted their criteria, those who now confirm their criteria is to remain untouched may find themselves inundated with applications. In light of this, Deal Direct recommend that anyone interested in an interest only mortgage product look now to avoid missing out on a deal.

Deal Direct are up to date on lenders latest lending criteria and mortgage rates. Contact us today and our skilled advisers will source a competitive deal for you.