‘Precise Mortgages has increased the number of repayment options across its residential mortgage range to include interest-only and ‘part and part options.
The options are available on all Prime Tier 1 and 2 products up to 65% LTV for the interest-only option and 75% LTV for ‘part and part’ repayments (interest-only element must not exceed 50% LTV).
Customers must have a credible repayment strategy in place which has the potential to repay the interest-only mortgage balance at the end of the term. Acceptable repayment vehicles include the sale of the security property, sale of an additional property, savings or investments, and pensions.
Alan Cleary (pictured), managing director of Precise Mortgages, said: “Some customers have sufficient assets to repay their mortgage and therefore want an interest-only option. The changes we have made will give the right customers more choice and will give brokers a better chance of placing the case.”