Precise Mortgages increases buy to let LTV limits and launches larger loan range

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Buy To Let Mistakes

Precise Mortgages, one of the UK’s leading specialist lenders, has reintroduced higher loan-to-value (LTV) limits on its buy to let mortgages and launched two new larger loan products.

The lender has reintroduced a maximum 80% LTV limit across a new range of 2 and 5 year fixed rate mortgages which also features:

  • Fixed rates from 3.79%
  • 2% product fee
  • Refund of valuation fee (max £630)

In addition, Precise Mortgages has also launched two new limited edition 5 year fixed rate buy to let mortgages aimed at customers looking for larger loan sizes.

Key highlights of the new limited edition range include:

  • 34% fixed rate
  • £1,995 product fee for loans between £200,000 and £500,000
  • 5% product fee for loans between £500,00 and £1 million

Precise Mortgages’ buy to let range features a top slicing option on all eligible personal ownership, limited company, portfolio and HMO applications.

This enables customers to use surplus portfolio 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.

The lender also allows landlords to have up to 20 buy to let mortgages to a combined value of £10m (unlimited with other lenders).

The announcement comes a week after Precise Mortgages said it was increasing LTV limits up to 85% across its residential mortgage range and reintroducing adverse credit criteria.

Adrian Moloney, Group Sales Director for Precise Mortgages, said:

“As a leading specialist lender, we’re pleased to reintroduce up to 80% buy LTV limits which are designed to offer increased product choice for landlords.

We’re also pleased to be able to support the larger loan market by offering landlords a choice between a fixed fee product for loans up to £500,000, which may appeal to those with a limited company set-up, or a low percentage fee product for loans up to £1 million.”