Precise Mortgages has improved its bridging range of products.
Rates have been dropped on large loans of over £1m by up to 0.15 percentage points per month and they will now been priced at the same rate as a Standard Bridge. There is no maximum loan limit, which means large bridging loans now start from 0.65%pm or just 7.80%pa.
Meanwhile, loans of less than £100,000 will also be priced as a Standard Bridge resulting in rates being dropped by as much as 0.30 percentage points per month or 3.60 percentage points per annum.
Procuration fees remain the same.
Alan Cleary, managing director of Precise Mortgages, said: “The reason we are able to make this significant reduction in price is that we have increased our capacity to write more bridging business. Also, since Chris Parr joined as national sales manager we have seen an increase in activity in the North.”
Chris Fairfax, managing director of Positive Lending, added: “In my opinion Precise Mortgages are leaders of the pack in terms of pricing, process and procuration fees. We welcome these changes as simplified pricing improves transparency for introducers and customers.”