Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Precise Launches Cashback Deals; ModaMortgages Cuts BTL Rates

Precise has introduced a range of limited-edition residential mortgage products at 60% loan to value (LTV), featuring a £300 cashback incentive. ModaMortgages has reduced rates across its limited-edition buy-to-let (BTL) range, including products for standard properties, small HMOs, and multi-unit freehold blocks (MUFBs).

Precise’s new residential products come with a £1,495 fee and reduced rates across the range. The two-year fixed rate at 60% LTV now starts from 4.99% within its Tier 1 criteria. Additionally, Precise has cut selected rates at 55% LTV by 0.08%, at 90% LTV by 0.09%, and at 95% LTV by 0.05%. Pricing has also been reduced for Tier 3 and Tier 4 products.

ModaMortgages has repriced its limited-edition BTL range, affecting both two- and five-year fixed products. The five-year fix at 75% LTV has been reduced by 0.1%, and the five-year standard products at 80% LTV have been cut by 0.05%. Rates now start from 4.84% for standard properties and 4.94% for small HMOs and MUFBs. For the two-year range, rates at 75% LTV for both standard properties and small HMOs and MUFBs have been reduced by 0.05%, with rates starting from 3.29% and 3.39% respectively.

ModaMortgages’ limited-edition products continue to offer free valuations and no application fee.

These changes may be of interest to letting agents and inventory clerks monitoring mortgage product trends and costs for landlords and residential clients.