Specialist lender Precise has reduced residential rates at 75% and 85% loan to value (LTV) bands and added new fee options.
Residential rates offered by Precise start from 5.64% for a five-year fixed rate and the lender has introduced a £1,495 fee option to the range, which is priced at 5.94% for a five-year fixed rate at 75% LTV in adverse tier 2.
The lender added that its fee-free option had been expanded so it is available on two- and five-year terms at 75% and 85% LTV across all adverse tiers. It was previously only available on select terms and LTVs.
A fee-free five-year fixed rate at 75% LTV in adverse tier 2 is priced at 6.09%.
Precise said it had also lowered select reversion rates by up to 2.25%.
The firm said the changes were intended to “increase choice and offer further flexibility around affordability challenges”.
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This is especially the case for brokers with customers looking for lower monthly payments ahead of stamp duty changes in April.
Adrian Moloney (pictured), group intermediary director at OSB Group, said: “With house price and interest rate challenges continuing into 2025 as well as stamp duty changes on the horizon, residential customers are keen to get ahead in securing their property purchases to avoid higher costs as we know this is an additional barrier.
“In response to these challenges, not only have we reduced our residential rates, but we’ve included a wider range of fee options to cater for those who can pay a little more upfront and secure a lower rate, as well as those who welcome the chance to lower their upfront costs.”
Last week, Precise lowered bridging rates and added a develop exit product.
