Precise Mortgages has given brokers direct access to its range of six-year fixed rates, whereas previously they were only available through selected packagers.
Lenders are required to stress test borrowers’ affordability to take into account the impact of expected future rate increases for loans of five years or less.
However, the range, which starts at 4.14 per cent, is not subject to the test, therefore a borrower whose affordability is tight may be able to achieve a larger loan size with a six-year product.
Additionally, brokers can submit cases direct where a borrower has satisfied a debt management plan more than 36 months ago. Previously, these had to be submitted through packagers.
Precise Mortgages managing director Alan Cleary says: “These products have proved popular so we have made them available to more brokers so that more customers can benefit.”