Precise cuts rates and raises LTVs in mortgage overhaul
On its mainstream range all products will be linked to Bank of England base rate instead of LIBOR and first time buyers will be acceptable on selected products.
Trackers have also been introduced into the mainstream range for the first time with prices starting from 2.99% and revert rates from 3.99%.
The popular 2.89% 2-year fixed deal now goes up to 75% loan to value and the 3.39% 2-year fixed at 80% remains available with £0 arrangement fees and both now revert to BBR +3.49% for life.
On the buy-to-let product range prices have been slashed by up to 0.60% and on the near prime buy-to-let products maximum LTVs have been increased from 70% to 75%.
The entire near prime range has also been refreshed which means that if a borrower does not fit the mainstream range they can often be offered a product from the near prime range rather than a straight decline.
Alan Cleary, managing director of Precise Mortgages, said: “We are building the broadest mortgage product range of any UK mortgage lender for the benefit of mortgage intermediaries and their customers.
“Our mainstream pricing is amongst the best in the market and with full cascading we will always show the broker the cheapest rate we can find for the borrower’s circumstances.”