It reduces rates and widens criteria on BTL properties
Precise, part of OSB Group, has introduced several changes to its buy-to-let product range, including reduced rates starting at 4.49% and new fee products.
The enhancements aim to offer a more competitive range and increase landlords’ borrowing capacity.
Key updates include the reintroduction of Tier 1 products at 70% and 75% loan-to-value (LTV) with reduced paperwork for eligible borrowers. Options are available for houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs), and limited companies.
Tier 2 and 3 products have also been expanded up to 80% LTV with two- and five-year fixed options, allowing for more adverse credit at higher LTVs.
New fee options, including 7% and 5% for five-year fixed and 5% for two-year fixed, have been added to improve borrowing capacity.
“These fee-based options support brokers and their clients who are looking for the reassurance of a fixed monthly payment and increased borrowing capacity,” said Adrian Moloney (pictured), group intermediary director at OSB Group.
“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 at City Finance Brokers, shared that they 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,” Chisnall said.
“Precise are a great lender to work with their quick turnaround and support really helps us to find the right solutions for our customers.”
Read our guide to Precise for intermediaries here.
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