It’s the specialist lender’s lowest-ever bridging rate and the product will be exclusively available through its premier panel members.

The product is aimed at standard and light refurbishment deals of up to 50% loan-to-value.

Precise has also reduced rates on deals up to 60% LTV from 0.74% per month to 0.64%.

“We had our best ever year on bridging in 2016 and we intend to keep the momentum going,” said Alan Cleary, managing director of Precise.

“These are great rates and we expect them to be popular.”

The lender has also put its buy-to-let calculator online to allow brokers to see how much their clients can borrow.

The move comes after some brokers were left confused by the introduction of new Prudential Regulation Authority rules on buy-to-let affordability.

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Precise has found many lenders have seen interest coverage ratios (ICRs) increase by 145%, which prevents landlords borrowing as much money as they did before the rule change.

However, Precise has launched bespoke ICRs which take every customer’s individual circumstances into consideration and will help landlords get the buy-to-let mortgage they want.

Alan said Precise’s buy-to-let calculator allowed mortgage intermediaries to know how much their clients could borrow before they start the application process.

“They will also be able to compare and contrast different ways of setting cases up in order to achieve the best outcome.

“The calculator is similar to the one used by our underwriters to assess cases, so it will save intermediaries and us time and effort.

“We believe that in the majority of cases a bespoke ICR will be superior.”