In addition, rates have been cut and now start at just 2.64% which is a record low for the lender.
Highlights of the changes are:
- Almost Prime range introduced alongside Near Prime
- Almost Prime rates start at 2.64% at 75% LTV
- 85% LTV rates start at 3.79%
- Arrangement Fees from £995 with no upfront booking fee
- Refund of valuation fee and free legal service available on selected products
- 6 tiers of adverse have been condensed into 2 so that brokers can remember policy more readily
- Products available nationwide in England and Wales and selected postcodes in Scotland
- 85% LTV available through selected packagers
Alan Cleary, Managing Director of Precise Mortgages says:
"We hope that these improvements alongside the criteria changes we will be announcing next week will be well received by brokers and customers. It is our plan to increase volumes over the coming months as we gain more confidence about the improving prospects of the UK housing market.”
Martin Reynolds, CEO of Simplybiz Mortgages added:
“Precise Mortgages is making it even easier to place customers who are underserved by high street lenders. The criteria changes will provide greater clarity whilst the excellent rates and different product options give customers even more choice. It is good to see real change & innovation coming back into the market."
