Direct only products are not so great for borrowers
Precise made its first foray into the prime market last month across all LTV bands up to 80% and is offering a 2-year fixed at 2.89% at 70% LTV with a £995 fee and a revert rate of 3.92% and
at 80% LTV 3.39% with a £995 fee again reverting to 3.92%.
Cleary said: “Borrowers should be seeking advice from intermediaries who can access mortgage products from a wide range of lenders rather than from branch based advisers who can only sell products from their employer.
“Borrowers and brokers alike will be refreshingly surprised at how competitive our prime products are. With a revert rate and APR lower than most of the high street lenders we believe our range is on a par if not better than what is available direct from lenders.”
John Malone, chairman of PMS and champion of the intermediary market, believes consumers can benefit from viable alternatives.
He said: “Brokers should support Precise Mortgages as they are giving a viable alternative to the high street. Borrowers can clearly benefit from the advice and competitive deals available exclusively to brokers rather than visiting a high street branch.”