Precise unveils new short-term fixed rate and tracker mortgages

Director notes how the new offerings can help borrowers

Precise unveils new short-term fixed rate and tracker mortgages

Precise, a specialist lender within the OSB Group, has expanded its product range to include new one-year fixed rate and lifetime tracker options.

These additions aim to offer more choices to brokers and borrowers seeking flexibility in their mortgage arrangements.

The one-year fixed rate mortgage option is tailored to meet the needs of customers who prefer the stability of a fixed monthly payment but do not wish to commit to a longer-term fixed rate. This product provides assurance in uncertain times without locking borrowers into extended contracts.

Additionally, the new lifetime tracker products provide borrowers with further flexibility. These options include a fee option, allowing borrowers to choose between a fee-free arrangement with an Early Repayment Charge (ERC) for two years or an option with no ERC at all. According to the lender, this flexibility empowers borrowers to select terms that suit their financial goals.

Both the one-year fixed rate and lifetime tracker mortgages are available up to 85% loan-to-value (LTV) and cater to customers across various risk profiles, including those with adverse credit histories.

Adrian Moloney, group intermediary director at OSB Group, highlighted that these offerings aim to provide brokers and residential customers with more choices in navigating the dynamic mortgage market. “Whether customers are looking for the comfort of a short-term fixed payment or for those wanting more freedom than what a fixed rate offers, these new products are designed to support the customers’ changing needs in an ever-changing market,” he said.

Matthew Jarrett, associate director at Chartwell Funding Limited, echoed this sentiment, emphasising the importance of offering diverse mortgage options in today’s market. “It’s difficult to predict how and when mortgage rates will change, therefore some customers don’t want to be locked into a current price for long periods of time or to be locked in at all,” said Jarrett. “We welcome these new Precise products which are great options for us to support these customers in the short term and to avoid sitting on SVRs that can be costly.

“The product offering teamed with the timely process and in-house support are some of the main reasons why Precise are a key lending partner for Chartwell Funding and we look forward to offering these new options to our customers.”