Precise has cut rates across the 75% and 85% loan-to-value (LTV) bands, introduced new fee options and dropped selected reversion rates by up to 2.25%.

The lender says the changes have been made to increase choice and offer further flexibility around affordability challenges for brokers with residential customers.

The changes mean rates now start from 5.64% on a five-year fixed product, while the no fee option has been expanded and the £1,495 fee has been introduced.

OSB Group group intermediary director Adrian Moloney says: “With house price and interest rate challenges continuing into 2025 as well as stamp duty changes on the horizon, residential customers are keen to get ahead in securing their property purchases to avoid higher costs as we know this is an additional barrier.”

“In response to these challenges, not only have we reduced our residential rates but we’ve included a wider range of fee options to cater for those who can pay a little more upfront and secure a lower rate as well as those who welcome the chance to lower their upfront costs.”