Specialist lender Precise, part of OSB Group, has added five-year fixed limited-edition products to its residential range.
The products have valuation and assessment fees included.
Precise said it created the range to help brokers who had clients with limited disposable income, including borrowers with credit blips and debt management plans (DMPs).
It has a fixed product fee of £995, which can be added to the loan amount to help the borrower save on upfront mortgage costs.
Rates start from 5.49% and the product is available at 75% and 85% loan to value (LTV). It offers loan sizes between £75,000 and £300,000, with automatic cascade available for a faster decision in principle (DIP).
Adrian Moloney, group intermediary director of OSB Group, said: “With recent reports highlighting that there is almost a 30% difference in house price increases versus income growth, alongside cost-of-living challenges, borrowers need as much support as they can get.
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“The expenses associated with buying can be significant, particularly for first-time buyers, and this limited-edition range removes any upfront mortgage costs, helping to ease the financial pressure.
“Fixing could be a great option for borrowers looking for the comfort and security of a fixed monthly payment, and with a five-year option, it helps homebuyers budget for the longer term.”
Landbay cuts BTL fixed rates
Buy-to-let (BTL) lender Landbay has made rate reductions of up to 0.15% across its fixed rate products.
This includes its small houses in multiple occupation (HMOs) and multi-unit freehold block (MUFB) range, which is available up to 75% LTV, with rates starting at 3.99% with a 6% fee.
Its five-year fixed rates have been cut by 0.1%, including options for both standard properties and HMO/MUFB properties.
Options are available up to 75% LTV and start at 4.59%.
Rob Stanton, sales and distribution director at Landbay, said: “Following the positive news on inflation yesterday morning, we are really pleased to respond straight away with rate reductions across our fixed rate products. In recent weeks, the market has seen a lot of movement on rates in reaction to swap rates and ahead of the upcoming Budget. It’s great to be in a position where we can reduce rates and ensure our range is as competitive as possible.
“Reacting quickly to changes in the market is only possible through our tech-first approach. By having the right technology in-house, we can trim rates or introduce new markets as soon as the opportunity presents itself. This enables us to listen to the demands of the market and ensure we are properly serving both our broker partners and their landlord clients. This is particularly true with products for small HMOs/MUFBs, which continues to be a popular part of the market.”
The lender last made BTL rate cuts in September.
