In response to the front page story (FA, 24 July) on interest-only mortgages biting the dust under Halifax, this is fairly typical of overreactions to compliance change.
This is obviously over-restrictive, and surely they should be looking at the rationale for mortgage market review and use that as the guide for their actions. Individuals who have clearly serviced their existing loans should be allowed to continue if all they are doing is changing the product.
This is a case of banks not trusting their mortgage advisers to use any judgement. The only one I have found that is different is the Metro Bank, which seems to treat circumstances individually.
Jane Hodges
Chief Operating Officer
Alexander House Financial Services
London
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