The range, which is targeted at prime and near prime residential customers, is designed to allow brokers to offer clients an alternative solution to a remortgage.

Products in the prime range start at 4.55%, with additional highlights including the rate on its £200,001 to £500,000 loan cut from 5.95% to 5.75%. Near prime deals now start at 5.55% down from 5.85% on Precise’s £30,001 to £200,000 loan and a 0.15% rate reduction on its £10,000 to £30,000 product now at 5.70%.

The product fee on loans priced from £5,000 to £30,000 has been removed, with the same range also including Bank of England lifetime trackers from 4.70% for prime customers and 5.70% for near prime customers.

Larger loans at up to £500,000 have seen a rate reduction of up to 125 bps.

Alan Cleary, managing director of Precise Mortgages, said: “This latest change sees rates reduced across the entire second charge loan range. Mortgage intermediaries trust what we do and know that loans of this type are now a viable option for many customers.

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“We are delighted to offer the right solution for all customers that may be locked into their existing mortgage as a result of criteria changes or simply because they want to protect their current mortgage rate.”