The BTL element offers terms of up to 30 years, on an interest only basis and with no valuation or legal fees, all from the same lender.
All Precise Mortgages bridging customers have the opportunity to switch their bridging loan into one of the lender's exclusively priced BTL products from month four onwards with no additional valuation or legal fees. Customers will be allowed to take the BTL loan up to 75% of the property's post works valuation so, if they have enhanced the value of the property, they will be able to withdraw some or all of their working capital.
Standard bridging rates apply with the BTL element starting at just 4.39% and the 2% Arrangement Fee can be added to the loan.
As this is a brand new product to the UK mortgage market all intermediaries who wish to use it should visit the lender’s website to familiarise themselves with the application process. There is a bespoke process guide designed to help intermediaries.
Alan Cleary, Managing Director of Precise Mortgages says:
"This is what intermediaries have been asking us for and I hope we have exceeded their expectations with this product. This is great news for property investors as this will facilitate them in paying down the bridging element in double quick time, saving them potentially significant sums of money."
Rob Jupp, CEO of Brightstar Financial commented:
"Once again Precise have led the market with an intelligent, affordable product for our time. Many clients decide against short term lending as they fear the uncertainty of not achieving a long term exit. This now minimises this risk and provides clients with considerably more surety.’
Chris Fairfax, Managing Director of Positive Lending added:
“All bridge to let products prior to this have been fundamentally flawed; attractive initial bridging proposition followed by relatively high interest term rate. This product is a genuine bridge to let and I expect high conversion from short to long term as borrowers receive assurance without punitive costs.”
