It features reduced upfront costs with valuation and assessment fees already included
Precise, part of specialist lender OSB Group, has launched a limited edition five-year fixed rate residential mortgage range, targeting borrowers with limited disposable income and less-than-perfect credit histories.
Key features of the new range include interest rates starting from 5.49%, availability at 75% and 85% loan-to-value (LTV), and loan sizes ranging from £75,000 to £300,000. The product includes valuation and assessment fees, reducing upfront costs for homebuyers.
The lender also offers an automatic cascade system for faster decision-in-principle (DIP) approvals. The fixed product fee of £995 can be added to the loan, further easing the financial burden on borrowers.
“With recent reports highlighting that there is almost a 30% difference in house price increases versus income growth, alongside cost-of-living challenges, borrowers need as much support as they can get,” said Adrian Moloney (pictured), group intermediary director at OSB Group.
“The expenses associated with buying can be significant, particularly for first-time buyers, and this limited edition range removes any upfront mortgage costs, helping to ease the financial pressure.”
“Fixing could be a great option for borrowers looking for the comfort and security of a fixed monthly payment and with a five-year option, it helps homebuyers budget for the longer term.”
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