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Stuart Gregory of broker Lentune Mortgage Consultancy said he was surprised Nationwide had been the first major lender to pull out of this market. "More will follow – it’s just a case of how many.
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A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products.
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Interest-only mortgages: how to tackle the shortfall – "Most lenders will let you overpay by up to 10% of the mortgage amount per annum, so take advantage of this while interest rates are low," says Mark Harris, chief executive of mortgage broker SPF.
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