"As anticipated when we launched part and part, we've seen particularly strong demand for remortgages from homeowners with interest only mortgages."
The new products include a two year interest only at 1.60% up to 50% LTV, and a 1.70% two year fixed rate part and part interest only mortgage at 1.70% up to 75% LTV.
New products come with a free valuation as well as fees assisted legal services for standard remortgages, and a £1,999 fee.
The range is aimed at high net worth borrowers wishing to use an interest only mortgage as part of a wider investment strategy, or for home buyers who can expect their future income to rise significantly, such as when they complete professional qualifications.
In May 2015 the Society added to its existing interest only mortgages available up to 50% LTV, by introducing part and part mortgages up to 75% LTV, with up to 50% LTV on interest only and the remainder on a capital and repayment basis.
Jaedon Green, Director of Product and Distribution, said: “It’s now a year since we launched our part and part mortgages. These won an industry award for product innovation and we continue to improve our criteria. We listened to feedback from intermediaries and improved lending criteria on part and part to accept sale of property as a repayment strategy for the interest only portion of the mortgage.
“The range is suitable for remortgage and home purchase and offers a choice of fee and incentive combinations. As anticipated when we launched part and part, we’ve seen particularly strong demand for remortgages from homeowners with interest only mortgages.
“Part and part can help borrowers who’ve yet to make any progress paying down their original interest only loan to start reducing their debt without the payment shock of switching to a full repayment mortgage.”
