Precise Mortgages stop lending interest-only due to a lack of demand

by Aaron Strutt

Sep 20 2013

Precise Mortgages has pulled out of the interest-only market citing a lack of demand for their products. The mortgage lender said that only 3% of their lending was on an interest-only basis.

There are so few lenders offering interest-only that it hard to believe the take up is so low. Many of the Precise Mortgage rates are not the cheapest in the market and this has probably put applicants off.

Santander for Intermediaries is one of the largest interest-only lenders left and providing borrowers have a 50% deposit and £100,000 equity in their property they should be able to qualify.  Virgin Money for Intermediaries also offers interest-only for those with a 30% deposit providing the minimum loan amount is £300,000.

September 20, 2013