Precise Mortgages has reduced rates on all products in its residential second charge loan range in a move to win new prime and near-prime customers.
Rates in the prime range are now available from 4.55 per cent and customers with a problematic credit history can make use of near-prime range offers, at rates starting from 5.55 per cent.
The specialist lender has designed that product range specifically to allow mortgage brokers an alternative solution to a remortgage and in many cases a second charge loan is more appropriate.
Highlights of the new range include:
| Prime | Near Prime | |||
| Now | Previously | Now | Previously | |
| £ 10,000 to £ 30,000 | 4.70 % | 4.85 % | 5.70 % | 5.85 % |
| £ 30,001 to £ 200,000 | 4.55 % | 4.85 % | 5.55 % | 5.85 % |
| £ 200,001 to £ 500,000 | 5.75 % | 5.95 % | ||
- A new product range designed specifically for loans from £5,000 to £30,000 highlights include:
*Zero product fee – previously £295
*Bank of England life-time trackers from 4.7 per cent for prime and 5.7 per cent for near prime customers
- Our lowest ever rate for loans from £30,001 to £200,000, starts at 4.55 per cent
- Two-, three- and five-year fixed rates have all also benefited from rate reductions
- Larger loans, up to £500,000 have seen a reduction of up to 125 basis points.
Alan Cleary, Managing Director of Precise Mortgages, comments: “We continue to drive good customer outcomes through product design. 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.”
“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.”
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