Precise Mortgages has slashed interest rates on a range of its mortgages, offering good news for those looking to buy a home or expand their property portfolio.

The biggest winners are landlords seeking buy-to-let mortgages for refurbishment projects, with rates plummeting by up to 1.05% – that’s a saving of £1,050 per year on a £100,000 loan!

Here’s a breakdown of the changes:

Buy-to-Let Refurbishment Mortgages:

• Rates cut by up to 1.05%
• Simpler product range with Tier 1 aligned with standard refurbishment
• Energy-efficient homes (EPC C+ rating) benefit from rates starting at 5.24%

Other Buy-to-Let Mortgages:

• Rates reduced by 0.25% across the board

Bridging Loans:

• Standard and light refurbishment loans at 70% and 75% LTV now have rates 0.05% lower per month.
• Heavy refurbishment loans (Tier 2) also see a 0.05% per month reduction across all loan-to-value ratios.

Residential Mortgages:

• Popular limited edition range returns due to high demand.
• Offers some of the lowest rates available, starting from 5.19%.
• Two- and five-year fixed-rate options are available.
• Caters to borrowers with adverse credit history.
• Available for loans starting from £125,000 with a 1% fee.

Adrian Moloney, Intermediary Director at OSB Group, parent company of Precise Mortgages, explained that these changes aim to provide greater choice and support for both homebuyers and landlords. The reintroduced limited edition range, in particular, offers a lifeline to those who may find it difficult to secure a mortgage from traditional high street lenders.