Rates on the two-year fixed rate products start at 3.49 per cent at 70 per cent with an arrangement fee of £995. Rate on the five-year fixed start at 3.89 per cent. The products are available from 70 to 80 per cent LTV.
A ‘cascading range’ is also available that falls between prime and near-prime lending and is aimed at borrowers with minor blips on their credit history over the past three years. Rates start at 4.19 per cent on the two-year fixed which allows for no county court judgements in 36 months and no mortgage arrears in 24 months.
There is also a remortgage option available which comes with a refund of the valuation fee and £250 cashback to help with legal fees.
Precise says it will launch a range of base rate-linked trackers within the next month and says it is currently looking at launching a first-time buyer product – probably next year – at 90 per cent LTV.
Precise Mortgages managing director Alan Cleary says: “Whilst many recent lender announcements have been about direct-only products, we remain 100 per cent committed to the intermediary market.
“Our online system gives the broker the ability to get a decision in just a few minutes and whether the borrower has a perfect credit history or not we should be able to offer a very competitive product. This will save brokers a lot of time and hassle and will give borrowers the certainty of a decision they require.”
Trinity Financial Services head of communications Aaron Strutt says: “It is a nice start. It is going to be difficult for them to compete with the biggest lenders and they’ve got quite a bit of competition in the market.
“It’s good to see more of these products. With lenders cutting back at the minute and with some difficulty in processing a number of the cases, it’s good to have an alternative option.”