The product charges a higher fee in exchange for a lower rate.
Alan Cleary, Managing Director at Precise Mortgages, said: “This is beneficial for borrowers because it gives brokers the choice to pick whichever product is financially beneficial for their circumstances.”
For example, if a customer pays a 50bps higher product fee but has a rate reduction of 16bps over a 3-month term, the customer would be better off on the exclusive product
|
LTV |
Precise Mortgages Current |
Precise Mortgages Proposed |
|
<50% |
0.75% |
0.59% |
|
<60% |
0.80% |
0.74% |
|
<65% |
0.85% |
0.74% |
|
<70% |
0.95% |
0.84% |
|
<75% |
1.15% |
0.94% |
|
Facility Fee |
2.00% |
2.50% |
The product is targeted at short term borrowers and will typically have a term of less than 12 months.
It is designed to be used in time-sensitive cases or if the property is not acceptable security for a long term loan.
The brokers on Precise Mortgages’ Premier Panel are:
3mc
AtoM
Brightstar Financial
BuildLoan Limited
Capital Advances
Complete FS
Finance 4 Business
Only Bridging
Positive Lending
SPF Short Term Finance
Stirling Partners Finance Limited
TFC Homeloans
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