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Precise launches interest-only and part-and-part mortgages

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  • 29/03/2018
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Precise launches interest-only and part-and-part mortgages
Specialist lender Precise Mortgages has expanded its available repayment options to include interest-only and part-and-part options on residential loans.

 

The options are available on selected products up to 65% loan to value (LTV) for interest-only and up to 75% LTV for part-and-part repayments.

Customers must also 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.

The change is aimed at giving customers more choice to help them to manage their monthly outgoings, the lender said.

Alan Cleary, managing director of Precise Mortgages (pictured), 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.”

Precise yesterday also announced second charge deals with Legal and General and Simplybiz.

And more product launches are expected to follow after Clearly last month said the lender has a year-long pipeline of possible new markets to enter.

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