Precise Mortgages, the intermediary lender, has withdrawn the interest only option from its Home Owner range.
Buy to Let loans and Bridging Loans are unaffected by this change.
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 per cent of new business does not believe it to be commercially viable to keep this option available.
Alan Cleary, Managing Director of Precise Mortgages commented: “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.”
