Nationwide BS latest to tighten interest only policy

Following the news from Lloyds / Halifax last week, Nationwide has announced this morning that:

"With effect from tomorrow, we will be amending our criteria for all new lending as follows:

• Interest Only and Part Repayment applications will be limited to a maximum LTV of 75%
• Applications which exceed 75% LTV will only be considered on a Repayment basis".