Complex Buy To Let
Precise cuts residential mortgage rates for limited time
Precise has released a limited-edition residential mortgage range offering borrowers its lowest rates and fees.
Following cuts of at least 0.6%, pricing now starts from 5.39%. A 1% arrangement fee applies across tiers zero to five.
Borrowers can access two- and five-year fixed rate deals at 75% loan to value (LTV), and these are on offer for a limited period.
Flurry of price cuts
A flurry of lenders have introduced lower mortgage pricing in the weeks that followed June’s Monetary Policy Committee (MPC) meeting, where rate-setters voted to hold the base rate at 5.25%. It is widely expected that the base rate will be cut at the next meeting on 1 August. The base rate has remained at 5.25% for seven months in a row.
The average two-year fixed mortgage rate is currently 5.95%, while five-year fixes rest at 5.53%, according to Moneyfacts.
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Adrian Moloney (pictured), group intermediary director at OSB Group, said: “This limited-edition range is great news for brokers and borrowers alike, as not only does it offer our lowest rates as well as low fees, it also includes options for those with impaired credit, which ticks the box for many.”
Continued rate reductions
Last month, the lender cut rates across its buy-to-let (BTL) range. Pricing now starts from 4.49%.
Precise said the changes would offer a “more competitive range” and increase the borrowing power of landlords.
The lender reintroduced its Tier 1 products at 70% and 75% LTV with reduced paperwork requirements for eligible borrowers, including options for landlords with houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs) and borrowing through limited companies.
It also widened its Tier 2 and 3 product range up to 80% LTV with the addition of two- and five-year fixed options.