Precise Mortgages has made a number of changes to its buy-to-let product range available to brokers from 3 August.
Rates for houses of multiple occupation have been reduced by up to 0.60 per cent a year, while limited company rates are down by up to 0.55 per cent a year.
The specialist lender has also introduced a two-year fixed rate at 2.79 per cent, with a 1.50 per cent product fee, available through the Legal & General Mortgage Club and Sesame Bankhall Group.
Precise’s core range pricing and fixed-rate end dates have been refreshed to allow up to 10 properties worth up to £5m.
The rental calculations are based on 125 per cent of the higher of the pay rate or revert rate.
Alan Cleary, managing director of Precise Mortgages, said: “Traditionally, the summer months can see business levels soften, but we want to increase our market share, and have positioned our new buy-to-let range to achieve that objective.”
Last month, Precise launched a retention programme for customers coming to the end of their initial fixed or discount deals, and will be paying 0.25 per cent procuration fees to any intermediary involved.
David Hollingworth, associate director at London & Country, said: “Precise is demonstrating once again that it has no intention of standing still and is prepared to evolve its offering to deliver the products and criteria to fit the market.
“Improved rates and more expansive criteria can only help underline its position as a lender that has specialist landlord solutions.”
peter.walker@ft.com
