View more on these topics

Precise stops offering interest-only on homeowner range

Precise Mortgages has decided to stop offering an interest-only option on its homeowner range due to low take-up.

The intermediary-only lender continues to offer an interest-only option on its buy-to-let and bridging ranges.

Precise says only 3 per cent of new business in its homeowner range is on an interest-only basis, and as a result it felt offering an interest-only option on its homeowner range was not “commercially viable”.

Precise managing director Alan Cleary says: “While 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.”

Perception Finance managing director David Sheppard says his firm has also seen a decline in the volume of interest-only business this year, with just 9 per cent of deals arranged on an interest-only basis so far this year.

He says: “I am not sure interest-only is something that appeals to many people nowadays. There are certain circumstances when it is a useful option, such as those on a lower basic salary who are expecting an end of year bonus. For that reason I hope not all lenders pull out of this sector but it is certainly a market in decline.”



Ex-Cofunds’ Martin Davis to become Kames Capital CEO

Former Cofunds chief executive Martin Davis is to become chief executive at Kames Capital. Davis will join Kames on 1 October, subject to regulatory approval. His appointment follows changes to the senior leadership team at Kames announced earlier this year, including the separation of the chief executive and chief investment officer roles. Stephen Jones was […]


Aviva UK appoints Maurice Tulloch as general insurance CEO

Aviva has appointed Maurice Tulloch as chief executive of its UK and Ireland general insurance business. Tulloch, who is currently chief executive of Aviva Canada, replaces outgoing general insurance CEO Robin Spencer. Spencer will leave his post at the end of September. Aviva group chief executive Mark Wilson says: “One of my priorities since becoming […]


Bridging lender Tiuta to enter liquidation

The administrators of Tiuta plc have begun to place the bridging lender into liquidation. Creditors have passed the resolution to put Tiuta into liquidation and the lender will be liquidated once Companies House has been notified.The firm was placed into administration in September last year, although the administration order expires on 27 September 2013. Tiuta […]


Nic Cicutti: Godfather insights on historic trail

I have long been a fan of The Godfather, both the movie and the book by Mario Puzo. The first part of the trilogy, which I watched as an impressionable 14-year-old, is a filmic masterpiece and the second part is arguably even better. But it is Puzo’s writing that is the real triumph. Within both […]

Scheme pays explained

By Fiona Hanrahan, senior product insight and technical support analyst We’ve received lots of queries on scheme pays and when it can be used. This article explains how it works and the conditions which apply. What is ‘scheme pays’? If an individual exceeds the annual allowance (AA) and an AA tax charge is due, they […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm