The biggest reduction is by 0.90 per cent, with rates starting from 6.24 per cent and three-year fixes 0.15 per cent cheaper than the two-year loans. All fixed rates have been made to a full period from the date of completion rather than to a set end date.
Elsewhere, Preferred has changed the risk assessment methodology from value of CCJs to actual number and introduced an extended choice of arrangement fees and rates so they suit individual needs.
Completion fees of 0.75 per cent and 1.75 per cent have been introduced, with the affordability calculator enhanced to calculate the net debt-to-income ratio.
Roger Taylor, director of sales at Preferred, said: “We felt that this was the right time to re-design Preferred’s product range and make it more suitable for today’s market. We identified that changing from counting the value to the number of CCJs is a positive move with our business partners. We also wanted the products to be simpler than ever before.
“This new range makes it easier for intermediaries to understand our products and apply them to their clients’ circumstances. With uncertainty surrounding the non-conforming sector in recent months, this launch signals our commitment to the market and our desire to remain at the forefront of the sector.”
Jock Cassidy, managing director at Ashley Law, said: “As inter-bank lending rates have come down, this company may be ahead of the game. In regards to the changes to fixed rate periods, this will help brokers as they have always got the customer issue and it takes time to get it done, so this will work in both favours.”
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