Launch pad: Paradigm unveils BTL exclusives

Members of Paradigm Mortgage Services have been given access to two buy-to-let products from Precise Mortgages.

Paradigm members can now offer their clients two three-year fixed-rate buy-to-let mortgages, available up to 75 per cent loan to value, with three degrees of permitted historical adverse credit on each.

On both products, applicants must not have any defaults, CCJs or secured arrears recorded in the three months before the application is made.

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There is no minimum income requirements for experienced landlords, pensions can be regarded as income, and withdrawals from pensions can be used as a deposit. Both products come with a reduced arrangement fee of 1.5 per cent.

Key Features

Deal One

This has a rate of 4.54 per cent and will allow one unsecured loan arrear in the past 12 months or two in the past 36 months.

There must be no defaults or CCJs in the past 72 months and no missed mortgage or secured loan arrears in the past 36 months.

Deal Two

Priced at 5.34 per cent and is available to borrowers who have no defaults or arrears in the past 12 months.

Borrowers are allowed two unlimited defaults in the past 24 months and one CCJ in the past 24 months up to a maximum of £2,500.

No missed mortgage or unsecured loan arrears are allowed in the past 12 months. However they are allowed one in the last 36 months. Any unsecured loan arrears are not counted on this product but may affect the client’s overall credit score.

Adviser view:

Peter Hunt, a mortgage adviser at Surrey-based Hawke Financial Services, said: “If this is an exclusive deal it will have been worked so it is advantageous and competitively priced compared to products offered by other lenders. Paradigm is a company who has the power to negotiate good deals with these providers.”