Precise cuts rates across second-charge product range

Precise Mortgages has cut rates across its second-charge product range and introduced two new two-year fixed products.

Within the lender’s prime second-charge range, the lifetime tracker products now start from base rate plus 4.45 per cent, down 50 basis points from base rate plus 4.95. 

Three-year fixed rates now start from 5.95 per cent, down from 6.2 per cent, while the new two-year fixes start from 5.7 per cent.

Precise has also cut rates within its near-prime range, with lifetime trackers now starting from base rate plus 5.45, down 1.75 per cent from base rate plus 7.2.

Near-prime three-year fixes now start from 6.95 per cent, from 8.45 per cent, and two-year fixes start from 6.7 per cent.

In addition to the rate cuts, the lender has also reduced product fees from £995 to £495. These are available exclusively through a panel of 12 master brokers, including Brightstar Financial, Colonial, Enterprise Finance, Fluent Money, Norton Finance, Positive Lending, Promise Solutions, The Loans Engine, The Lending Wizard, Loans Warehouse, V Loans and Y3S Loans.

Precise Mortgages director of second-charge lending Simon Carr says: “Second-charge loans are now regulated by the FCA and we are not only leading the way on responsible lending but also launching market-leading products so that brokers can offer their clients an even better solution.”