Precise enhances buy-to-let offering

Precise Mortgages has reduced rates on its buy to let product range in a bid to strengthen its specialist proposition in the buy to let sector and increase its market share.

Related topics:  Mortgages
Rozi Jones
3rd August 2016
alan cleary precise 2015
"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."

HMO rates have been reduced by up to 0.60% while limited company rates have seen cuts of up to 0.55%.

Additionally, Precise has launched a new two-year fixed rate at 2.79% with a 1.50% product fee, available via L&G and Sesame Bankhall Group.

The lender has also refreshed pricing and end dates on its core range, and confirmed that its rental calculation will be based on 125% of the pay rate or revert rate, whichever is higher.

A number of lenders, including TSB, Barclays, Newcastle and Foundation Home Loans, have recently raised their rental calculation to 145%.

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.”

Jane Benjamin, Head of Relationship Management at Sesame Bankhall Group, added: “These new products should be attractive to landlords who are struggling to get a buy to let mortgage from high street lenders. At a time when many landlords are uncertain about how the recent tax changes will impact on them, as well as not knowing when the next interest rate change is likely to occur, the stability of a fixed rate, coupled with the lower Product Fee will make these products attractive to a wider range of customers.”

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