View more on these topics

Precise gears up for busy end-of-year with product overhaul

Precise Mortgages has made a series of changes to its residential mortgage range in anticipation of increased activity in the last quarter of 2014.

The lender has reduced its reversion rate for almost prime products by 53 basis points, from 5.52 per cent to 4.99 per cent, helping to improve the affordability calculation for borrowers as it is based on the reversion rate plus a stress of 3 per cent.

A selection of fixed rates have been slashed, including a 75 per cent LTV two-year fix, which has been reduced 0.71 per cent from 3.95 to 3.24 per cent. An 80 per cent option is offered at 3.74, after a 51 basis point reduction from 4.25 per cent.

At 85 per cent LTV, Precise has reduced the rate from 4.65 to 4.24 per cent.

The lender has also reduced product fees, which now start from £995. Previously, product fees started from £1,495.

Precise Mortgages managing director Alan Cleary says: “This is the most competitive residential product range we have launched and I am pleased to say that this is just the first of a number of product developments from us. 

“We have also launched an eye catching new advertising campaign featuring a new message every week during the run up to Christmas. We hope it will make intermediaries smile.”

Recommended

Caption_Comp_030914

Caption Competition – 3 September 2014

Can you put the boot in to your nearest and dearest to win a delicious box of Hotel Chocolat milk chocolates? Submit a witty caption for the photo above and you will be automatically entered into our prize draw. Remember, the funnier it is, the more likely you are to win. What are you waiting […]

Bank-of-England-BoE-Building-Horse-700x450.jpg

BSA warning over permanent LTI cap

The Building Societies Association has urged policymakers not to make the proposed LTI cap permanent and for it to be reviewed after 18 months.  Responding to a Prudential Regulation Authority consultation, the trade body said making the cap permanent would be a “backward step”.  The BSA’s response, published last week, adds: “As this measure has been introduced in […]

Steve-Walker-700.jpg
1

Secured Loans Watch: Sector will not lose its competitive edge

Since the secured loans industry became regulated by the Financial Conduct Authority there has been some concern that the industry would lose its edge. It is not difficult to see where these fears originated. When the Mortgage Market Review was first mooted, many lenders were guilty of overreacting, tightening affordability criteria to an unnecessary extent […]

Newsletter

News and expert analysis straight to your inbox

Sign up