Specialist lender Precise, part of OSB Group, has reduced rates by up to 16 basis points across its 2- and 3-year fixed residential mortgage products. The changes aim to support intermediaries working with first-time buyers, home movers and those seeking to remortgage.
The updated residential range includes a selection of fee structures, offering borrowers a choice between a £0 fee, a £1,495 fee or 1% of the loan amount, depending on their preferences and financial circumstances.
Notable starting rates in the revised product suite include:
2-year fixed from 4.84%
3-year fixed from 4.97%
5-year fixed from 4.77%
Precise’s 2-year fixed Tier 2 product, a frequently selected option, has seen rate reductions across all loan-to-value (LTV) tiers, including 75%, 85% and 95%. The lender notes that this may be particularly beneficial for borrowers with adverse credit histories, such as county court judgments, defaults or previous mortgage arrears.
“These residential rate reductions show our ongoing commitment to improving mortgage affordability, especially for borrowers looking to get their first step on the property ladder,” said Adrian Moloney, intermediary sales director at OSB Group (pictured). “We are continuing to offer 1.25x stress rates on these 2 and 3-year fixed rate options as well as a refund of valuation fees and £300 cashback to help improve affordability.”
