There has been a complete redesign of pricing resulting in three distinct product categories:
• Standard bridging – now incorporates light refurbishments, which as a result has seen prices reduce by up to 0.35% per month.
• Heavy refurbishment – prices have been reduced by between 0.10%-0.25% per month.
• £1m Plus – prices slashed, now starting from 0.80% per month.
As a result of these changes the pricing grid has been simplified making it more transparent and much easier for brokers to understand the cost of bridging loans.
As well as borrowers benefitting from reduced pricing, brokers and packagers are to share in the rewards too. Premier Panel members will see their procuration fees go up from 2.25% to 2.50%, no gimmicks, no overrides, no catches, just 2.50% on every case.
Alan Cleary, managing director of Precise Mortgages, said: “Despite all the headlines last year about interest calculation methods being unfair to borrowers, not one bridging lender has publicised that they have either changed their model or documentation to improve transparency.
“Brokers should always look at the total amount payable to get a true cost of bridging finance. I am totally confident that Precise Mortgages is leading the way on price and transparency.”
