Are you looking to remortgage your Precise Mortgages residential or buy-to-let mortgage? Call us on 020 7016 0790
Tags: Buy-to-let mortgages, Residential mortgages
Quick Summary
Trinity Financial's brokers regularly arranged product transfers for borrowers with residential or buy-to-let mortgages with Precise Mortgages. The lenders' rates are not cheap, so as part of our process, we assess the market to check if borrowers can get a better deal before starting the Precise product transfer process.
Precise Mortgages offers its existing residential and buy-to-let customers new mortgage rates through Product Transfers when applications are submitted through a mortgage broker.
Trinity Financial's mortgage brokers have dealt with Precise Mortgages for years, and we have access to their product transfer mortgages. Product transfer rates are designed to enable existing borrowers to lower their monthly payments without having to provide their income details or financial status again.
Precise’s lowest two, three and five-year fixed rates for existing customers are just below 6% with 1% arrangement fees. The rates are higher for borrowers unwilling to pay an arrangement fee, possibly because they have a smaller loan amount.
Aaron Strutt, product director at Trinity Financial, says: "Precise is one of the biggest specialist lenders, but it does not tend to offer its existing customers the best rates when they want to refinance.
"With so many cheap mortgage rates available at the moment, it is important that borrowers research the market when their rates end to ensure they are getting the best deal. If you have improved your credit history, you may be able to remortgage with another bank or building society, which is worth considering, especially with two-year fixes starting at 3.5%."
As part of the process for switching rates with Precise, the lender will review your account activity and will not offer new rates to all of its customers. If existing borrowers do not qualify for a new deal, they must remain on their standard variable rate or refinance with another mortgage provider.
Click here to view Precise Mortgage's current product transfer rates.
Information we need to get your Precise Mortgages product transfer started
To begin the process, we’ll need some information from you:
- Your Full Name(s): As they appear on your mortgage account
- Mortgage Account Number: To verify your account with Precise Mortgages
- Property Address: The address of the residential or buy-to-let mortgaged property
- Mortgage Payment Amount: We need the exact amount paid on your last bank statement
Providing this information helps us work quickly and efficiently to secure the best product transfer options.
If you want help finding a better mortgage, call Trinity Financial on 020 7016 0790. You can also complete our mortgage questionnaire.
Click here to read our updated Precise Mortgages existing customer rate update.
Trinity Financial has access to a wide range of residential and buy-to-let lenders offering fixed and tracker rate mortgages.
The cheapest two-year residential mortgages are as low as 3.5% and there are five-year fixes priced around 3.75%. Applicants will typically need at least 25% equity in their property to qualify for the lowest rates and they tend to have £999 arrangement fees. Halifax, HSBC and Santander for Intermediaries have some great rates.
There is not a huge difference in price between the lowest residential and buy-to-let mortgages rates although the arrangement fees tend to be slightly higher. The Mortgage Works, Santander and Barclays have some of the lowest buy-to-let rates.
Many of the mortgage lenders cover the cost of the property valuation and legal fee to reduce the cost of switching to another provider.
Trinity Financial's brokers consistently arrange product transfers and the process is quick and stress-free. As part of our advice and recommendation process, each of our brokers takes the time to speak to borrowers and understand their financial situation. They confirm if they will qualify for any of the market-leading buy-to-let rates or whether the best option is to stay with Precise Mortgages.
Trinity's brokers will never apply for a mortgage or rate switch without the express permission of clients that they are happy to proceed.
To start the process, existing customers will need to authorise Precise to enable Trinity Financial to act on their behalf.
Applicants can provide this over the phone on 0333 240 6180 or by completing the Product Transfer Letter of Authority and emailing it to Precise's Product Transfer Team at PreciseProductTransfers@precisemortgages.co.uk.
Here is the information you will need:
Broker company name: Trinity Financial
FCA number: 305008
Address: 155 Upper Street, Islington, London, N1 1RA
Telephone number: 020 7016 0790
Network/club: Primis
Once you have spoken to a mortgage adviser and confirmed that the Precise product transfer is likely to be the most suitable product - Trinity Financial's brokers can start the rate change process.
The process:
- Provide Precise with authorisation for a broker to act on your behalf
- Precise takes up to 48 hours to call the broker
- The lender will check your mortgage account and confirm if a product transfer is available
- Select the fixed rate
- Produce a mortgage quote
- If happy, with quote accept mortgage offer
- Complete the transaction. The product transfer will always occur on the first of a month and there needs to be a clear calendar month between Precise receiving the signed documentation and the product change taking place.
Trinity Financial's brokers will need you to complete a fact find form and provide one form of identification to switch rates to satisfy our compliance checks.
Precise Mortgages has a limited choice of fixed-rate mortgages available to existing customers looking to refinance on to a better deal when their rate expires. Here is a list of Precise Mortgages existing customer rates as of May 2020.
|
Rate |
Tem |
Type |
Fee |
Early repayment charges |
Reversion rate |
|
3.49% |
2 year |
Fixed |
£0 |
Yes |
4.85% |
|
3.899% |
5 year |
Fixed |
£0 |
Yes |
4.85% |
|
Buy-to-let rates |
|
|
|
|
|
|
4.19% |
2 year |
Fixed |
£0 |
Yes |
5.20% |
|
4.59% |
5 year |
Fixed |
£0 |
Yes |
5.20% |
Get started today
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