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 and Gatehouse Announce Rate Reductions Across Mortgage Products

Precise has lowered rates across its residential mortgage range by up to 35 basis points. Gatehouse Bank has also reduced rental rates by 0.1% on selected home purchase plan (HPP) and buy-to-let (BTL) products.

Precise, part of OSB Group, confirmed that selected products up to 95% loan to value (LTV) have been reduced by 35 basis points. All fixed rates up to 90% LTV within Tier 1 and Tier 2 have been lowered by 30 basis points, while all fixed rates in Tiers 3 to 5 across all LTV bands have been reduced by 20 basis points.

Gatehouse Bank, a Sharia-compliant lender, has made a rental rate reduction of 0.1% across selected residential property finance products. The reduction applies to two- and five-year fixed-term HPPs at 65% and 80% finance to value (FTV), as well as two- and five-year BTL deals at 65% FTV. This includes standard and green products for individuals and special purpose vehicle (SPV) limited companies registered in the UK.

The rate reductions from Gatehouse Bank also apply to BTL property finance for houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs). For example, an HPP with a 65% FTV on a two-year fixed term will now be 5.99%, and 5.95% for the five-year fix. In the BTL range, the two-year fixed term at 65% FTV is 3.74%, rising to 5.2% for the five-year fix.

These changes may be relevant for letting agents and inventory clerks monitoring mortgage product trends and rental finance options for landlords and property investors.