Precise Mortgages has launched a range of fixed-rate prime home owner mortgages aimed at borrowers in the south of England.
The product are available at 70 to 80 per cent loan to value. Rates on the two-year fixed products start at 3.49 per cent for 70 per cent LTV, with an arrangement fee of £995. Rates on the five-year fixed start at 3.89 per cent.
A “cascading range”, which falls between prime and near-prime lending, is also available 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 at 70 per cent LTV.
Precise says it will launch a range of base rate-linked trackers within the next month. It is looking at launching a first-time buyer product next year at 90 per cent LTV.
Precise Mortgages managing director Alan Cleary says: “Our online system gives the broker the ability to get a decision in just a few minutes.”
Trinity Financial Services head of communications Aaron Strutt says: “With lenders cutting back at the minute and with some difficulty in processing a number of the cases, it is good to have an alternative option.”