Precise introduces new 1-year fixed and lifetime tracker options into its residential range

20 May 2024

Precise, part of OSB Group, has grown its residential offering with 1-year fixed rate and lifetime tracker mortgages.

The introduction of the 1-year fixed rate mortgage supports brokers and their customers who are looking for the reassurance of a fixed monthly payment but don’t want a longer-term fixed rate.

The new lifetime tracker products include a fee option which has no ERC or a fee free option which includes ERC for 2 years. These products are ideal for those who may want more freedom and flexibility than a fixed rate.

Both 1-year fixed and lifetime trackers available up to 85% LTV and across different levels of adverse.

Adrian Moloney, Group Intermediary Director, OSB Group, said “This launch reacts to current market conditions providing our brokers with residential customers more options for their mortgages. Whether customers are looking for the comfort of a short-term fixed payment or for those wanting more freedom than what a fixed rate offers, these new products are designed to support the customers’ changing needs in an ever-changing market.”

Matthew Jarrett, Associate Director, Chartwell Funding Limited said “With current market conditions, borrowers are looking for different mortgage options more than ever before.

It’s difficult to predict how and when mortgage rates will change, therefore some customers don’t want to be locked into a current price for long periods of time or to be locked in at all. We welcome these new Precise products which are great options for us to support these customers in the short term and to avoid sitting on SVRs that can be costly.

The product offering teamed with the timely process and in-house support are some of the main reasons why Precise are a key lending partner for Chartwell Funding and we look forward to offering these new options to our customers.”