"These fee-based options support brokers and their clients who are looking for the reassurance of a fixed monthly payment and increased borrowing capacity"
- Adrian Moloney - OSB Group
Precise has announced that it has made several changes across its buy-to-let product range.
The changes include reduced rates starting from 4.49% and new fee products and, according to the lender, have been designed to offer a more competitive range whilst helping to increase the borrowing capacity of landlords.
Highlights of the changes include:
- The reintroduction of Tier 1 products at 70% & 75% LTV with reduced paperwork for eligible borrowers and options for HMOs, MUFBs and Ltd companies
- The expansion of Tier 2 & 3 products up to 80% LTV with 2 and 5-year fixed options, expanding the allowable adverse at higher LTVs
- And 7% & 5% fee option for 5 years fixed + 5% fee option for 2 years fixed added, improving borrowing capacity for borrowers
Adrian Moloney, Group Intermediary Director, OSB Group said: “These fee-based options support brokers and their clients who are looking for the reassurance of a fixed monthly payment and increased borrowing capacity.
“As well as reducing rates, we’ve widened our acceptable criteria on buy-to-let properties with all three tier products which strengthens Precise’s offering within the buy-to-let market.”
James Chisnall, Director, City Finance Brokers said: “We have many clients that this product range will be ideal for, as they will be able to maximise their opportunities with access to greater loan amounts via fee-based products.
"Clearly there are some clients who have credit challenges, however with higher ICR rates impacting on maximum loan amounts, lenders have had to be innovative in order to help them achieve their goals.
"Precise is a great lender to work with their quick turnaround and support really help us to find the right solutions for our customers.”
