Competitive new two- and three-year fixed mortgages have been launched into the broker market.
Precise Mortgages’ distributor, Brightstar Financial, is offering a 2.89% two-year fixed rate prime mortgage for purchase clients with no arrangement fees.
According to Brian Leppard, head of specialist mortgages and buy-to-let at Brightstar, brokers now have a product from an exclusively intermediary-only lender which allows them to target prime borrowers on the same or better terms than high street lenders are offering to their direct clients.
He said: “Bringing in this product along with their equally competitive remortgage product, Precise Mortgages should be seen by brokers as a positive beacon to help brokers stimulate business in the prime market, which up to now has seen brokers being excluded by lenders keen to flaunt their intermediary friendly credentials while offering direct deals which brokers could not access.”
Alan Cleary, managing director at Precise Mortgages, said: “Brightstar and Precise Mortgages are working together in promoting these products to mortgage brokers and together we will provide a viable alternative to direct-only lenders.”
Meanwhile, Legal & General Mortgage Club has announced the launch of an exclusive three-year fixed rate product with Abbey. It is available on loans up to 75% LTV for both purchase and remortgage customers. The initial rate of 3.49% matches Abbey’s two-year fixed rate and is available until January 2, 2016. The product comes with a free valuation and a total booking fee of £995.
Martyn Smith, head of mortgage products for Legal & General Network, said: “Abbey has priced this exclusive at the same rate as its current two-year product – giving customers of Legal & General Mortgage Club members an additional 12 months on a very competitive rate.
“Feedback from our members tells us that more choice is needed to bridge the gap between two- and five-year, so this fits the bill perfectly.”
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