Precise Mortgages has introduced new options for residential borrowers, launching limited edition products that include a cashback incentive and cutting rates on some of its existing fixed mortgage deals. This could be good news if you're a homeowner with significant equity or a first-time buyer with a substantial deposit.
What's Changed?
The lender has rolled out new 60% Loan-to-Value (LTV) residential products. LTV simply means the size of your mortgage compared to the value of your home. So, a 60% LTV means you're borrowing 60% of the property's value, and you own 40% equity.
These new limited edition products come with a £300 cashback offer, which could help with legal fees or other moving costs. However, they also carry a fee of £1,495.
In addition to these new offerings, Precise has also made targeted rate reductions across its residential mortgage range. Specifically, selected 55% LTV fixed rates have seen cuts. This means if you have even more equity in your home (45% or more), you might find a more competitive fixed rate deal.
What this means for you
If you're a homeowner looking to remortgage with substantial equity, or a first-time buyer with a large deposit, these changes from Precise Mortgages could offer slightly cheaper fixed rates or a welcome £300 cashback boost. It's a signal that some lenders are still keen to attract borrowers with lower LTVs.
Scenario: How this could impact you
Imagine you're a homeowner with a £200,000 mortgage on a £400,000 home. That's a 50% LTV. If you're looking to remortgage, Precise's new 60% LTV cashback products or their reduced 55% LTV fixed rates could be relevant. You might find a slightly better deal or a welcome £300 cashback to help with legal fees or other costs associated with switching mortgages.
For a first-time buyer, if you've saved a 40% deposit for a home, you'd be looking for a 60% LTV mortgage, making these new products potentially suitable for you too.
Step-by-step: What to do right now
- Check your LTV: Work out how much equity you have in your home. Divide your outstanding mortgage balance by your home's current value, then multiply by 100 to get your LTV percentage.
- Review your current mortgage deal: When does your current fixed or tracker deal end? Knowing this will help you plan your next move.
- Speak to a mortgage broker: An independent mortgage adviser can compare deals from across the market, including specialist lenders like Precise, to see if these new products or rate cuts are genuinely competitive for your circumstances.
- Consider your savings strategy: If you're a first-time buyer, remember the Lifetime ISA (LISA) offers a 25% government bonus on contributions up to £4,000 a year, meaning you could get £1,000 free from the government annually. For other savings, a Cash ISA allows you to save tax-free, while your Personal Savings Allowance means a certain amount of interest from regular savings accounts is also tax-free. Always check if savings rates are variable or include a temporary bonus that might expire.
But there are risks
It's important to remember that these new cashback products are described as 'limited edition'. This means they might not be available for long, so if you're interested, it's worth acting relatively quickly. Precise Mortgages is also considered a specialist lender, meaning their eligibility criteria might differ from high street banks, and you may need to meet specific requirements to qualify.
When effective
These new products and rate reductions are current offers from Precise Mortgages as of 2026. It's always best to check the very latest rates and availability directly with a mortgage adviser.
Where to get help
For personalised advice, your first port of call should be an independent mortgage broker. They can assess your financial situation and guide you through the best options available from a wide range of lenders.
Sources
- The Intermediary — Precise launches resi limited edition cashback products and cuts rates
- Financial Reporter — Precise cuts residential rates and launches limited edition cashback range
- Mortgage Soup — Precise launches cashback products and cuts rates
- Mortgage Strategy — Coventry, Precise and Gatehouse make price reductions