Precise mortgages rates are reduced.

Mortgage rates offered by Precise have been improved for its near prime range. Precise have introduced both 3 and 5 year fixed rate mortgage deals and have reduced the pricing on some of its tracker mortgage products.

Tracker mortgage rates now begin at what the lender considers as a highly competitive rate of 4.94 per cent and fixed rate products now start from 5.14 per cent.

Precise offer a three year fixed rate at 5.64 per cent for up to 70 per cent LTV and a rate of 6.14 per cent for up to 80 per cent LTV.  The lender is also offering a five year fixed rate at 5.89 per cent up to 70 per cent and a fixed rate of 6.39 per cent  up to 80 per cent LTV.

For borrowers with two defaults in the last 24 months, Precise offer mortgage rates of 6.39 per cent for three years for up to 70 per cent LTV and 6.64 per cent for 5 years.

A three year fix is also offered at 6.89 per cent up to 80 per cent LTV and a five year fixed deal is offered at 7.14 per cent.

The lender has also reduced the rate on its tracker deals from 5.28 per cent to 4.94 per cent.

The lender's previously popular valuation refund and cash-back mortgage products remain. With loan to value levels available for up to 80 per cent Precise advise that this is their most comprehensive mortgage range to date.

Alan Cleary who is the managing director at Precise Mortgages has said that the Libor reduction has allowed them to reduce mortgage rates on their most popular mortgage products. He added that with the addition of longer term fixes the new range will help more borrowers buy homes.