MBE 2011: 11% of Precise's business is interest-only
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Some 11% of Precise Mortgages’ new business is on an interest-only repayment basis, managing director Alan Cleary has revealed.
At the Mortgage Business Expo in London today, Cleary told delegates he believes there is still a place for interest-only in the market, but it should be a niche product.
He says: “11% of our new business is for interest-only, so there are clients for whom we think it makes sense, but the majority should be on a capital and interest repayment basis.”
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Readers' comments (1)
Anonymous | 17 Nov 2011 3:35 pm
There is, and there never was anything unsavoury about interest only mortgages until it was used by "careless" lenders or cavalier brokers selling otherwise unaffordable mortgages to the uninformed. Lenders should be making every reasonable effort to provide a range of options to borrowers and it's good to see that this facility survives with Precise.
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