Precise, Keystone, Cumberland BS, Investec, Family BS, and Offa adjust pricing and policies
Several lenders have introduced a host of changes to their mortgage offerings, featuring reduced rates, revised lending criteria and expanded options for brokers and their clients.
Specialist lender Precise, part of OSB Group, has refreshed its residential mortgage range with reduced rates and additional fee-free options aimed at easing costs for first-time buyers. Incentives include refunded valuation fees and £300 cashback. New rates include five-year fixes from 4.74%, two-year from 4.89%, and three-year from 4.99%. For borrowers with credit challenges, Precise has introduced a 5.04% five-year fixed rate on Tier 2 products, available to those with CCJs, defaults or mortgage arrears.
Another specialist lender, Keystone Property Finance, has reintroduced a 7% arrangement fee on selected five-year buy-to-let mortgages to help landlords boost borrowing power. The option, available on both standard and specialist products at 65% and 75% LTV, offers reduced rates. Standard loans start at 4.69% while specialist loans begin at 4.99%.
Meanwhile, the Cumberland Building Society has expanded its commercial lending criteria to support businesses across hospitality, healthcare, professional services, and food and drink sectors. Under its “Kinder Banking” approach, the building society now offers up to 70% LTV, loan terms up to 25 years, and a maximum loan size of £6 million.
Investec Bank has adjusted its lending calculations for high-net-worth clients following updated FCA stress testing guidance. The bank has reduced its residential stress rates by up to 2.10%, enabling eligible clients to borrow between 10% and 30% more, subject to affordability and income assessments.
Elsewhere, Family Building Society has rolled out a new range of reduced rate products for owner occupiers and buy-to-let investors. Notable changes include a cut of 10 basis points (bps) on two-year fixed owner occupier interest-only products and a 25bps drop on its JBSP product. Buy-to-let loans for individuals and limited companies have seen reductions up to 15bps, with new five-year fixed rate mortgages for limited companies introduced with a 3% product fee.
Islamic finance fintech Offa has reduced rates on its Sharia-compliant buy-to-let products. Two-year BTL rates have fallen by up to 0.21%, while five-year products dropped by up to 0.24%. Tracker rate products and fees on HMO and MUFB loans have also been cut, with product fees lowered from 1.5% to 1%.
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