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Secure Trust Bank unveils interest-only mortgages

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  • 02/03/2018
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Secure Trust Bank unveils interest-only mortgages
Secure Trust Bank is to offer a new range of interest-only and part and part mortgage products, targeting borrowers with needs that fall outside the offerings of high street lenders.

 

The lender’s new interest-only mortgage allows borrowers to take out loans up to a maximum loan to value (LTV) of 65%.

And the main residence can be used as the repayment vehicle when a minimum of £150,000 of equity exists within the property.

In London, the South East and Easter regions up to £200,000 of equity will be considered.

The new part and part lending mortgage is available at up to 85% LTV.

Under the product, customers can borrow up to 65% on interest-only, and top up 20% on a repayment basis, to take overall lending to 85% LTV.

Both products will be available to brokers from March 6 2018.

Tony Hall, head of sales and marketing at Secure Trust Bank Mortgages, said: “The move to launch this new range of products is the next logical step in enhancing our existing product offering.

“We are continually looking at ways to diversify the options available for our customers, and these products represent our commitment to that.

“We are pleased to announce these new products and look forward to supporting even more customers through our expanding network of brokers across the UK.”

Secure Trust Bank’s mortgage arm launched in 2017 and has continued to expand its distribution, with a policy of reviewing products for residential customers who don’t fit the criteria of the high street banks.

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