Exclusive: Precise slashes bridging rates by up to 32%

00:00 Thursday 10th April 2014 | 8

B&C has discovered that Precise Mortgages has enhanced its Heavy Refurbishment range by reducing bridging rates by up to 32 per cent .

B&C has discovered that Precise Mortgages has enhanced its Heavy Refurbishment range by reducing bridging rates by up to 32 per cent...

On the Precise Mortgages

’ website the lender has today revamped its Heavy Refurbishment bridging rates.

B&C contacted Alan Cleary, Managing Director of Precise Mortgages

, for a response and he stated: “We have indeed changed our rates. We are leaders in the regulated and light refurbishment bridging areas and have made these enhancements today to ensure that we continue to be the first choice for mortgage brokers when they also require heavy refurbishment bridging finance.

“Making it better for our brokers, better for our borrowers and there’s also no change to broker proc fees.”

Taking an example heavy refurb case with an average Precise Mortgages’ bridging loan of £350,000 and at an LTV of 40 per cent, a borrower over 12 months will save £14,700. Slashing 35 basis points of the 1.1 per cent charged interest rate to the new 0.75 per cent rate represents a reduction in this LTV band of 32 per cent.

Alan added: “We offer better rates than other lenders in the market such as Shawbrook Bank

.”

B&C is also aware that the lender is preparing to make further enhancements and policy changes to its heavy refurbishment range later this month and is also close to capturing two industry-known BDMs.

Table: Heavy refurbishment interest rates from Precise

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