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Precise Mortgages introduces three and five-year fixes for near-prime

Precise Mortgages has launched a range of three and five-year fixes for its near-prime range.

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It is offering a three-year fixed rate at 5.64% up to 70% LTV and a 6.14% deal up to 80% LTV, for those with one default in the last 24 months and one CCJ.

It is also offering a five-year fixed rate at 5.89% up to 70% and a 6.39% fixed rate up to 80% LTV.

For borrowers with two defaults in the last 24 months, it is offering a 6.39% three-year fixed rate up to 70% LTV and a five-year fix at 6.64% up to 70% LTV.

It is also offering a three-year fix at 6.89% up to 80% LTV and a five-year fixed rate at 7.14% up to 80%.

And for borrowers with one mortgage arrear in the last 12 months it is offering a three-year fix up to 70% at 7.14% and a five-year fix at 7.39%.

For up to 80% LTV it is offering a three-year fix at 7.64% and a five-year fix at 7.89%.

The lender has also reduced the rate on its tracker deals from 5.28% to 4.94%.

Alan Cleary, managing director of Precise Mortgages says: “The reduction in Libor has allowed us to reduce the rates on our most popular products and with the addition of some longer term fixes, I believe this range will help brokers win more business and help borrowers to buy more homes.”  
 

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