In a memo, Managing Director Alan Cleary explained that uncertainty in the market had translated to a significant drop in the cost of five- and 10-year money.

As a result, the firm has cut rates on buy-to-let and residential, among others.

In an earlier email, Alan said: “One of the things I have learnt is that when you enter choppy waters you should steer your course and not follow the waves. 

“Our strategy is unchanged and we will continue to supply mortgage products into the intermediary market and to support our distribution partners wherever we can.”

The new products went live on 30th June and included a 0.14% reduction on the five-year fixed rate ‘Buy to Let up to 75% LTV’.

Precise also reduced its six-year fixed rate ‘Residential up to 85% LTV’ by 0.2% and introduced a 10-year fixed rate starting from 3.79%.

Alan said that Precise’s calm reaction to the unfavourable referendum result was partly due to the preparedness of its owner, Charter Court Financial Services (CCFS).

He added: “While the vote is not what I had hoped for, the management team here at CCFS has been planning for both eventualities for months.”

Alan claimed that Charter Savings Bank had built a strong liquidity position by being in the top of the best buy tables for several months, and reminded readers of the additional £250bn of liquidity made available by the Bank of England.

As a result, Alan insisted that the company was now in a very strong position.

“Having lived through the financial downturn in 2008 it was clear that lenders wholly reliant on the capital markets do not fare well when we enter periods of uncertainty; that is the overriding reason we became a bank,” Alan explained.