Additionally, the product fee has been changed from 2.5% to £2495. Precise says that the average saving for customers on this product could be in excess of £5000 when compared to the lender’s core range.
Other products in the 75% LTV limited edition range are:
- 5 year fixed rate reduced by 0.40% to 3.99%, low revert rate of 4.10% pa and product fee changed from 2% to £1995.
- 2 year fixed rate reduced by 0.30% to 3.69% pa and product fee changed from 2% to £1995.
- 2 year tracker rate reduced by 0.11% to 3.39% and product fee changed from 2% to £1995.
Alan Cleary, Managing Director of Precise Mortgages, said:
“The buy to let market is very competitive at the moment and these products will give significant savings to landlords.The introduction of a fixed product fee will also give mortgage intermediaries more choice especially for larger loans. Whilst these products are expected to be withdrawn by Christmas the change to the maximum tenancy term is permanent.”