Precise said the one-year fix option would support brokers and their clients who wanted the security of fixed monthly payments but did not want a longer-term fixed rate. 

This is available up to 85% loan to value (LTV) across different levels of adverse credit. Rates start from 6.04% and there is a 1% fee.

The lifetime tracker deals are also available up to 85% LTV, and include a fee option with no early repayment charge (ERC), or a fee-free option with ERCs for two years. 

Precise said this would help people who wanted more freedom and flexibility, which could not be offered by a fixed rate. 

Adrian Moloney (pictured), group intermediary director at OSB Group, said: “This launch reacts to current market conditions, providing our brokers with residential customers more options for their mortgages. Whether customers are looking for the comfort of a short-term fixed payment or for those wanting more freedom than what a fixed rate offers, these new products are designed to support the customers’ changing needs in an ever-changing market.” 

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Matthew Jarrett, associate director of broker firm Chartwell Funding Limited, said: “With current market conditions, borrowers are looking for different mortgage options more than ever before. 

“It’s difficult to predict how and when mortgage rates will change; therefore, some customers don’t want to be locked into a current price for long periods of time, or to be locked in at all. We welcome these new Precise products, which are great options for us to support these customers in the short term and to avoid sitting on SVRs that can be costly. 

“The product offering teamed with the timely process and in-house support are some of the main reasons why Precise are a key lending partner for Chartwell Funding, and we look forward to offering these new options to our customers.” 

Last month, the lender broadened its buy-to-let (BTL) product offering for landlords with adverse credit.