Precise Mortgages has cut the price of its bridging loans.

The redesign of pricing has led to three separate product categories:

• Standard Bridging – now incorporates light refurbishments, which have seen prices reduce by up to 0.35 basis points per month
• Heavy Refurbishment –Prices have been reduced by between 0.10-0.25 basis points per month
• £1m Plus – prices also cut, now starting from 0.80% per month

Also, Premier Panel members will see their procuration fees go up from 2.25% to 2.50%.

Alan Cleary, managing director of Precise Mortgages, said: “Despite all the headlines last year about Interest Calculation methods being unfair to borrowers, not one bridging lender has publicised that they have either changed their model or documentation to improve transparency.

“Brokers should always look at the Total Amount Payable to get a true cost of bridging finance. I am totally confident that Precise Mortgages is leading the way on price and transparency.”