Precise launches near-prime BTL mortgages
Two new products aimed at landlords struggling to get loans from high street banks.
Precise Mortgages has launched two new near-prime buy-to-let products for members of UK mortgage distributor PMS and appointed representatives of adviser network Sesame.
The two year fixed rate products are available for loans up to 70 per cent loan-to-value at 5.54 per cent and 5.84 per cent.
The initial fixed rate payable is determined by the level of mortgage arrears the clients may have. However, Precise will ignore any mortgage arrears older than three years.
The new products have a minimum loan of £200,000 for both purchases and re-mortgagers with a 1.25 per cent arrangement fee.
Robert McCoy, senior product and communications manager at PMS, said: “These offerings allow our members to offer their professional landlords a competitive solution in spite of any recent credit problems they have encountered.”
Alan Cleary, managing director of Precise Mortgages, said the new products should help landlords struggling to get buy-to-let mortgages from high street lenders.
He said: “Not only are these exclusives better on price than our core range, they also suit a wider range of needs as the maximum loan has been increased to £500,000.”