PreciseJun 15 2018

Precise reduces five-year buy-to-let mortgage rates

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Precise reduces five-year buy-to-let mortgage rates

Precise Mortgages has launched a new five-year fixed rate buy-to-let range. 

The loans are available at 3.49  per cent with a 1.5 per cent product fee and 3.59 per cent deal with a 1 per cent product fee on loan-to-values up to 75 per cent.

Alan Cleary, managing director of Precise, said that, as a specialist lender, the business was responding to demand from brokers for loans for houses in multiple occupation, low yield and high value properties.

Mr Cleary said: "There is increasing demand for products targeted to address particular issues faced by brokers and landlords which is a major part of our role as a specialist lender as the new range demonstrates."

The loans are available to landlords applying as individuals or through limited companies and on portfolios comprising houses in multiple occupation (HMO). 

Mr Cleary said that the mortgages “are ideal for low yield and high value properties above £300,000 helping landlords get the loan size they want with the assessment rate based on the pay rate”. 

Commenting on the specifics of this new product range, Jorden Abbs, operations director at Commercial Trust Limited, said: "This represents excellent news for landlords and underlines the competitive nature of the buy-to-let market at the moment, among lenders.

"This range of products from Precise Mortgages will allow clients to borrow larger amounts of money on a wide variety of property types, at an attractive interest rate and with a competitive product fee."