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Precise cuts bridging rates

Ryan Fowler

April 4, 2014

Rates were dropped on loans over £1m by up to 0.15% per month, as they are now priced the same as a standard bridge.

Such large bridging loans, which lack of a maximum loan limit, now start from 0.65% per month or 7.80% per annum.

Alan Cleary, managing director of Precise Mortgages, said: “The reason we are able to make this significant reduction in price is that we have increased our capacity to write more bridging business.

“Also, since Chris Parr joined as National Sales Manager we have seen an increase in activity in the North.”

Loans of less than £100,000 will also be priced as a standard bridge, resulting in rates being dropped by as much as 0.30% per month or 3.60% per annum.

Gareth Lewis, director of Bridging of Precise Mortgages, added: “This massively simplifies our range as we now only have two categories for pricing purposes.

“We have had a record quarter and we want to write more business up and down the country.”


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