Lender responds to market competition with revised pricing and expanded criteria
Precise, part of specialist lender OSB Group, has updated its residential mortgage range by introducing lower rates, new loan-to-value (LTV) bands, and a wider selection of fee options.
The updated products include five-year fixed rates starting at 4.72% and two-year fixed rates from 4.73%. New LTV bands at 55%, 65%, and 80% are now available. Customers can also choose between a 1% fee, a £1,495 fee, or a £0 fee. The fee-free option includes a valuation refund and a £300 cashback.
“We are delighted to further enhance our product offering to brokers with residential customers, helping more to get their foot on the property ladder, as well as supporting those upsizing and downsizing,” said Adrian Moloney (pictured), intermediary sales director at OSB Group.
“Precise remains committed to offering a range of options to serve buyers with potential affordability challenges such as deposit constraints, affordability and imperfect credit histories. Within this bolstered range, we’ve included a number of rate reductions, including our Tier 2 adverse option which has been reduced by up to 0.46%.”
The latest move from Precise comes as mortgage lenders continue to compete by offering more attractive pricing and flexible lending criteria.
The changes also come after the specialist lender recently raised residential income multiples to as much as six times income for eligible applicants, including those with adverse credit. The increase applies to all borrower types, such as employed, self-employed, single and joint applicants, first-time and repeat buyers, and those remortgaging.
Over the past several months, a number of lenders have raised their loan-to-income caps in response to updated guidance from the Prudential Regulation Authority, which has encouraged more high LTI mortgage offerings.
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