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Do you expect to see less or more second charge mortgage lenders in 2018?

Precise introduces new products across mortgage range


Precise Mortgages has announced the launch of interest-only and part and part repayment options to its residential mortgage range..

The new options are available on its prime tier one and two products at up to 65% LTV for the interest-only option and 75% LTV for part and part repayments (interest must not exceed 50% LTV).

Customers are required to 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.

Alan Cleary, managing director at 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.”

Precise has also announced the launch of two semi-exclusive second charge mortgage products through SimplyBiz Mortgages.

The one-year fixed rate and lifetime tracker products are available with one-year early redemption fees.

The products also include a bank base rate +4.40% lifetime tracker, resulting in a 5.3% one-year fixed rate and 4.9% tracker rate. 

Both offerings bring a 1.35% procuration fee and are available on loans of up to 75% LTV, plus lender fees.

Alan added: “As a specialist lender, our aim is to provide customers with a variety of products that allows them more choice and flexibility when it comes to meeting their borrowing needs.

“Second charge loans play a significant role in providing customers with more choice and we are pleased to support SimplyBiz Mortgages and their members in offering their customers a wider range of alternative products.”

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