Precise slashes rates on entire residential seconds range

Precise Mortgages has re-priced its entire residential second charge range, with rates falling by up to 180 basis points.

The biggest cuts are to the larger LTVs. It has cut an 80 per cent LTV prime five-year fix by 180bps to 8.05 per cent and a near-prime five-year fix at the same LTV by the same amount (now 9.05 per cent). Both products are available on loans between £30,001 and £200,000.

Most other rates have been cut by between 15 and 30bps.

The lender has also introduced a new range for loans between £5,000 and £30,000. The minimum loan size was previously £10,000.

Precise Mortgages managing director Alan Cleary says: “This latest change sees rates reduced across the entire second charge loan range.  Mortgage intermediaries trust what we do and know that loans of this type are now a viable option for many customers.

“We are delighted to offer the right solution for all customers that may be locked into their existing mortgage as a result of criteria changes or simply because they want to protect their current mortgage rate.”