The fees have been reduced to 1.5% and the lender has launched a new range with fees starting from 1% and other products with flat fees from £1299.
The lower fees are only available to Precise Mortgages’ broker partners who include intermediary members of Legal & General, Mortgage Intelligence, Mortgage Next and selected PMS brokers.
Both mortgageforce and Mortgages for Business have recently been added to the Precise Mortgages panel and will have access to the deals.
Nick Blunt, head of business partner development at Mortgages for Business, said: “It’s great to see Precise Mortgages listening to the broker market. As part of their limited distribution panel we’re pleased they’re introducing some low and fixed arrangement fee products. The market is crying out for this type of adaptability from lenders and Precise Mortgages is doing its bit to meet this demand.”
Alan Cleary, managing director of Precise Mortgages said: “We’re offering more flexibility on fees to test the market and the trade-off between rates and fees. We also wanted to introduce the flat fees and lower percentage fees to appeal to brokers placing larger loans. We’re in week eight of lending now, and we’re tracking where we expected to be; this step is part of us working out where we want to be in the market.”
James Harries, sales and marketing director at packager Manor Mortgages, said: “This is good news for the whole market, not only because it is great to see competition increase further in the buy-to-let sector, but also because this means that the Precise launch and its continued success will show others what can be achieved.”