Precise Mortgages has this week launched a range of prime and near prime secured loan mortgages into the market with rates starting at 5.45 per cent.
The products includes life time trackers as well as fixed rate products and are available for loans up to £1m.
Precise Mortgages director of secured loans Simon Carr says the product was designed as an alternative financial solution, where a remortgage or further advance may not be in the customer’s best interests.
He says: “This further underlines our commitment to the Intermediary market by introducing a compelling and complimentary proposition to our existing mortgage and short term lending range.”
Promise Solutions managing director Steve Walker says the launch ”significant”and sends a clear signal to mortgage intermediaries that secured loans should be considered as a mainstream product.
He says: ”Through Precise we can now offer rates as low as 5.45 per cent and loans up to £1m. For borrowers on preferential mortgage deals, secured loans must now be considered a more viable alternative.
”Add to that the flexibility of Precise’s secured loan range this is excellent news for intermediaries and consumers.”