Precise withdraws home-owner interest only

Robyn Hall

September 18, 2013

The lender has taken this decision due to the extremely low take up of interest only on its home owner range and at less than 3% of new business does not believe it to be commercially viable to keep this option available.

Alan Cleary, managing director of Precise, said: “Whilst interest-only mortgage loans are suitable for some borrowers it is not our target market and the low take up of this option confirms that.”

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