New product transfer loans launched by Precise Mortgages

December 12, 2023 by Brendan O'Neill

Rates

Precise Mortgages has announced the introduction of further buy-to-let and residential loans that are available as product transfers, with these new loans all coming with fees.

The lender has indicated that the loans are intended to balance out the no-fee products that it has been offering up to now, and that they will help people who wish to keep their outgoings per month under control. It added that many borrowers may be keen on that sort of deal during a period of considerable economic turbulence.

When it comes to residential mortgages, the lender now has five, three and two-year loans available. Alongside the no-fee products, there are ones that come with a fee of 1%. Rates for those loans begin at 6.29%, while the no-fee ones start at 6.49%.

The new buy-to-let product transfer mortgages that have been introduced are five, three, two and one-year loans. Again, there are 1% fee choices with starting rates of 6.59%, while the rate for those without fees begins at 6.89%.

In response to the news, OSB Group intermediary director Adrian Moloney told Financial Reporter that:

“The introduction of these products will provide further options to support brokers with their residential and buy-to-let customers looking to retain their mortgages with Precise Mortgages.”

He added that consulting with a professional about options was always the best move for borrowers.

Advisors with a CeMAP qualification may not consider product transfers the ideal option, but they will be attractive to clients in the current situation, so this is welcome.