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Precise launches 85% LTV near prime deal

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  • 26/10/2011
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Precise launches 85% LTV near prime deal
Precise Mortgages has launched a two-year fixed rate near prime deal up to 85% LTV, with an interest rate of 6.04%.

The deal increases the maximum LTV that Precise will lend on near prime from 80%.

Fees on the deal are in line with Precise’s core range, it said.

The deal is initially available exclusively through AToM and First Complete, but Precise said it will widen distribution if the deal proves popular.

Alan Cleary, managing director of Precise Mortgages, said: “I expect this to be a popular product, as we all know how difficult it is for borrowers at the moment.

“We are proud to offer a product that is only available through intermediaries. As the high street banks increase their marketing budgets, the size of the intermediary mortgage market will decrease. We hope that the new product will encourage customers to visit brokers rather than go to high street banks.”

Dale Jannels, managing director of AToM comments “Near prime is, once again, becoming a large part of our business and this product offers an excellent LTV and some customer friendly criteria.”

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