Coventry Building Society withdraws interest-only

Colin Franklin, sales and marketing director, Coventry Building Society, said: “Residential interest-only mortgages have declined to less than 2% of all residential mortgage applications. We have therefore decided the time is right to leave this market”.

Existing borrowers on interest only will not be able to increase their borrowing on an interest only basis but they will continue to be able to port their existing mortgage as they could before.