The specialist lender, which is part of OSB Group, confirmed that selected products up to 95% loan to value (LTV) have been reduced by 35bps.
Meanwhile, all fixed rates up to 90% LTV within Tier 1 and Tier 2 have gone down by 30bps.
In Tier 3 to Tier 5, all of Precise’s fixed rates across all LTV bands have been lowered by 20bps.
Emily Hollands, group head of intermediary sales and distribution at Precise, commented: “The latest Bank of England Money and Credit data suggests activity is holding up despite ongoing affordability pressures, with buyers becoming more comfortable operating in the current rate environment.
“The continued focus on affordability means pricing remains an important consideration, and these reductions, alongside the changes we have made to our products and proposition in recent months, are designed to give brokers greater scope to place a wider range of cases with confidence.”
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Gatehouse makes rental rate reductions
Gatehouse Bank has made a rental rate reduction of 0.1% across selected residential property finance products.
The Sharia-compliant lender’s two- and five-year fixed-term home purchase plans (HPPs) at 65% and 80% finance to value (FTV) will benefit from the change, as will its two- and five-year buy-to-let (BTL) deals at 65% FTV. This is inclusive of standard and green products for individuals as well as special purpose vehicle (SPV) limited companies registered in the UK.
The rate reductions will also be applicable for those seeking BTL property finance for houses in multiple occupation (HMOs) or multi-unit freehold blocks (MUFBs).
As an example, an HPP with an FTV of 65% on a two-year fixed term will be 5.99%, going down to 5.95% for the five-year fix.
Meanwhile, in Gatehouse Bank’s BTL range, the two-year fixed term at 65% FTV is 3.74%, going up to 5.2% for the five-year fix.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, said: “We know how important it is for prospective homebuyers and landlords to receive a competitive rate on a product that suits their individual needs.
“We hope that today’s rate reduction will help even more people within the UK to access the financing they require as they look to achieve their property ownership goals.”
