Precise Mortgages has announced this week that it will be launching a range of products with newly-cut prices, following the Brexit result of the EU Referendum.
Thought to be taking advantage of the unsettled financial market in wake of the Brexit, the lender has now decided to cut rates across buy to let and residential offers, as uncertainty in the market has continued to result in a drop in cost for a majority of the 5 and 10 year fixed deals currently available.
New products were launched at the start of the week from the lender, including a 5 year fixed buy to let rate at up to 75% loan to value (LTV), which has been reduced by 0.14%.
The lender’s 6 year fixed residential rate up to 85% LTV also witnessed reductions of 0.2%, while also introducing a new 10 year fixed rate starting from 3.79%.
This follows the news that longer-term swap rates have fallen after the Brexit vote was announced, as the financial markets began to price with the expectation that the Bank of England base rate would fall in the coming months.
5 and 10 year fixed rates now start from 3.85% and 3.99% respectively for Precise Mortgages buy to let range, which is available up to 75% LTV. 6 year fixed terms for residential borrowers are also now available at 75% LTV with a rate of 3.85%.
Precise wasn’t the only lender to reduce its rates, however, with First Direct also now applying significant rate cuts across a selection of its 2 and 5 year fixed term deals.
2 year fixed rates now start from 1.89% at 60% LTV, to 1.99% at 75% LTV and 2.79% up to 90% LTV. These all come with no booking, arrangement or standard valuation fee.
New 5 year fixed rates have also been launched at 2.14% for 60% LTV with a £1450 fee, and 2.63% up to 85% LTV.
Finally, First Direct has also cut its fee-free 90% LTV 5 year fixed rate option to 3.29%.