Precise Mortgages announces residential rate reductions

January 12, 2023 by Heidi

Rates

In some good news for borrowers at the start of the New Year, Precise Mortgages has announced that it is reducing the rates across much of its slate of residential mortgages.

The lender has revealed a number of products at reduced rates, with a fixed rate five-year loan now having a starting rate of 5.49%, while the rates for fixed three and two-year mortgages now begin at 5.79%. Elsewhere, products with loan-to-value (LTV) of 85% have been restored to the Precise Mortgages residential slate, ensuring a wider choice is available for borrowers.

In addition to these rate cuts, the lender has also confirmed new options to help borrowers who have adverse credit ratings to secure a mortgage. Among them are several Right to Buy loans.

Precise Mortgages is owned by the OSB Group and Adrian Moloney, its intermediary director, told Mortgage Strategy that the company was keen to do all it could to support mortgage advisors trying to get loans for people with financial issues.

He then went on to add that:

“This new range provides options for clients with less-than-perfect credit profiles, including those with county court judgements, defaults and active debt management plans.”

He concluded by pointing out that the cascade system on the Precise Mortgages website enables advisors to apply filtering to locate a suitable mortgage for such people more quickly.

This is news that those who have CeMAP mortgage advisor training will be delighted to hear, as the number of borrowers with complex financial circumstances is expected to rise.