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Precise enters interest-only residential market
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Precise Mortgages has expanded the 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, however the interest-only element must not exceed 50% LTV. Precise added that customers must have a credible repayment strategy in place at the end of the term, such as the sale of the security property, sale of an additional property, savings or investments, and pensions. Alan Cleary, 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.” Access these new products through TFC Homeloans.
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