Lender's residential range refreshed with increased affordability options
Precise, part of specialist lender OSB Group, has announced a significant reduction in interest rates across its entire residential mortgage range, including a 60-basis-point cut on its popular five-year fixed rate product.
The changes come as part of a broader refresh that includes enhanced affordability options, with new rates for five-year fixed mortgages starting at 5.29% and two- and one-year fixed rates both beginning at 5.69%.
The lender has reduced the reversion rates on these products, aiming to increase borrowing capacity for customers. Lifetime tracker rates now start from 6.64% with a fixed fee of £995.
“Following on from the Bank of England announcement last week which brought the base rate down to 5%, we’re delighted to be offering our lowest rates for some time,” said Adrian Moloney (pictured), group intermediary director at OSB Group.
“Our refreshed residential range provides increased affordability options, as well as potential solutions for those with varying degrees of credit impairment. We’ve really amplified our support towards the many borrowers out there who are facing difficulties with trying to get a mortgage from a high street lender.”
Stephanie Charman, group partnerships and propositions director at Sesame Bankhall Group, welcomed the rate reductions and enhanced affordability from Precise.
“In the current housing market and with a large number of fixed rate mortgages due to come to an end this year, many homeowners are concerned about rate volatility and what this might mean for them going forward,” Charman said.
“We welcome these moves from Precise therefore in offering borrowers access to products and solutions that give them further choice and affordable options in these challenging times.”
Read our guide to Precise for intermediaries here.
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