Precise Mortgages has added interest-only and part-and-part options to its residential mortgage range.
This applies to its prime tier 1 and 2 products to 65% loan-to-value for interest-only and 75% LTV for part-and-part, where the interest-only element cannot exceed 50%.
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.”
Those with an interest-only mortgage have to have a credible repayment strategy.
This includes the sale of the security property, sale of an additional property, savings, investments and/or pensions.