Precise, part of OSB Group, has cut rates across its residential range by as much as 0.6%.
Its five-year fixed rates now start from 5.29%, while two-year fixed rates begin at 5.69%.
Precise has also reduced its reversion rate, which the lender said would further increase borrowing capacity. The lender’s two-year fixed reversion rates start from 2.25% above the bank base rate.
Its one-year fixed rates now begin from 5.69% and the reversion rate for these products has also been lowered to start from the bank base rate plus 1.5%.
The Precise lifetime tracker rates start from 6.64% and now have a fixed fee of £995.
Precise added the lifetime tracker and one-year fixed rate options to its offering back in May.
Adrian Moloney (pictured), group intermediary director at OSB Group, said: “Following on from the Bank of England announcement last week, which brought the base rate down to 5%, we’re delighted to be offering our lowest rates for some time.
“Our refreshed residential range provides increased affordability options as well as potential solutions for those with varying degrees of credit impairment. We’ve really amplified our support towards the many borrowers out there who are facing difficulties with trying to get a mortgage from a high street lender.”
Stephanie Charman, group partnerships and propositions director at Sesame Bankhall Group, added: “In the current housing market and with a large number of fixed rate mortgages due to come to an end this year, many homeowners are concerned about rate volatility and what this might mean for them going forward.
“We welcome these moves from Precise, therefore, in offering borrowers access to products and solutions that give them further choice and affordable options in these challenging times.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
