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.”