Precise Mortgages has launched a range of 50 near prime products.

The range includes two year trackers, capped and fixed rate loans starting from 4.79%.

Precise Mortgages says it is looking for mature borrowers with substantial deposits and robust affordability. Products will only be available on a capital and interest repayment basis and are limited in size and to certain property types. The lending approach includes rigorous income and affordability tests, Precise says.

Alan Cleary , managing director of Precise Mortgages, said: “We have launched an extensive range of products to meet the needs of UK borrowers in response to feedback from the broker market. Precise Mortgages is aiming to become the lender of choice for brokers who have cases that do not fit current high street criteria. The extent of our range and the speed of our mortgage platform means a decision in principle will be given in minutes reducing the need for brokers to try multiple lenders or pass the case to a packager.”””