With rates and fees slashed across our buy to let range, it’s no wonder why our landlord offering has got brokers talking. Head of Corporate Account, Liza Campion answers some of the questions you’ve been asking.
Why have you decided to update your buy to let range?
The buy to let market is in a pretty strong position at the moment and we want to help keep it that way. To give brokers and their customers a real boost, we’ve cut rates and fees across our buy to let range.
We believe these competitive prices, reduced rates and increased affordability options are a winning combination for our broker partners and could help them to access the products their customers need to grow their buy to let businesses.
Who can apply for one of your updated mortgages?
As well as personal ownership, the range is available to limited company landlords and investors looking to explore the opportunities offered by Houses in Multiple Occupation (HMOs) and multi-units. We’ve also introduced products with a refund of valuation and £500 cashback to support those who are thinking of remortgaging.
What are some of the highlights of the range?
We’ve reduced fees by up to 50bps and rates by up to 30bps for standard personal ownership and limited company products. We’ve also dropped the rate for HMO and HMO limited company customers by 35bps. And that’s not all. We’ve even lowered the minimum loan amount for standard personal ownership and limited company lending to £60,000, and don’t forget loans for HMO and multi-unit applications are available from £40,000.
Key highlights of our new range include:
Personal ownership and limited company
- 75% LTV 2-yr fixed: 2.79% with 0.5% fee – a 50bps reduction in fee
- 75% LTV 5-yr fixed: 3.09% with 1.5% fee – a 30bps reduction in rate
- Products with fixed £3,995 fee for loan sizes between £300k and £750k – reductions in rate of 20bps
HMO and limited company HMO
- HMO 75% LTV 5-yr fixed: 3.34% with 1.5% fee – a 35bps reduction in rate
- Products with fixed £3,995 fee for loan sizes between £300k and £750k – reductions in rate of 25bps
I’ve used your top slicing proposition in the past. Is the feature still available?
Yes, top slicing is still available on all of our buy to let mortgages. This is great news as it allows borrowers to use surplus portfolio and/or earned disposable income to prove they can meet any financial stresses on a new loan application, rather than through the rental income of the property alone.
How many buy to let mortgages can customers have with Precise Mortgages?
We allow landlords to have up to 20 buy to let mortgages up to a combined value of £10 million with us and we don’t apply a limit to the number or value they have with other lenders.
What support is available to help me place my cases?
As well as competitively priced products, straightforward criteria and upfront decisions, you’ll also receive dedicated support from our award-winning sales team which has recently been named as Best BDM Team at the Mortgage Strategy Awards 2021. We also offer online tools which are available 24 hours a day, seven days a week.
How can I find out more about the updated range?
For more details, check out our buy to let product guide or buy to let specialist product guide. Alternatively, speak with a member of our sales team or call our dedicated support service on 0800 116 4385.