Mortgages  

Launchpad: Buy-to-let mortgages

The specialist lender has launched its “Almost Prime” range to assist landlords who were being rejected for “minor” and “historic credit issues”, with loan to values available up to 80 per cent.

Precise Mortgages has made a series of changes to its buy-to-let product range, including the launch of a new mortgage for borrowers with poor credit ratings.

The specialist lender has launched its Almost Prime range to assist landlords who were being rejected for “minor” and “historic credit issues”, with loan-to-values available up to 80 per cent.

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Alan Cleary, managing director of Precise Mortgages, said: “There are a number of changes in this product range that we believe will be attractive to our intermediaries and borrowers.

“The lifetime tracker product should be particularly appealing for London properties that tend to have lower rental yields.”

Key points:

– Three lifetime tracker products were also unveiled within the range for properties with lower rental yields.

– These have been made available from loan sizes of £100,000 alongside the £250,000-plus range.

– Precise Mortgages’ 80 per cent LTV buy-to-let products are now available through its packager panel.

– Existing bridging customers can exit the loan and change to any of the lender’s other buy-to-let products at any time.

IFA verdict: Mark Loydall, director, Cambourne Financial Planning, Leicestershire

“From a client perspective, we have very few who are buying more buy-to-let properties. However, no one is selling either. So, among our own clients, buy-to-let ownership is largely static.”