Precise Mortgages has launched a range of Prime Home Owner mortgages which it says are designed to compete directly with high street banks.

The new products are priced from 3.49% for a two-year fixed with an arrangement fee of £995.

There is also a remortgage option which comes with a refund of the valuation fee and £250 cashback to help with legal fees.

The product range comes with some post code restrictions which can be viewed on Precise’s website but is focused at borrowers in the south of the country.

The products are initially only available to brokers via First Complete, Legal and General Mortgage Club, Openwork, Personal Touch Financial Services, Pink Home Loans, PMS, Sesame, Simplybiz.

Alan Cleary, managing director of Precise Mortgages, said: “Whilst many recent lender announcements have been about direct only products we remain 100% committed to the intermediary market. Our online system gives the broker the ability to get a decision in just a few minutes and whether the borrower has a perfect credit history or not we should be able to offer a very competitive product.

“This will save brokers a lot of time and hassle and will give borrowers the certainty of a decision they require.”