There is a 1.5% arrangement fee, which is payable on completion.
Sesame and PMS have launched an exclusive fixed rate product to appointed representatives of its network and members of its mortgage club via Precise Mortgages, available for Limited Company buy-to-let applicants.
The product is 3.89% fixed for three years until 31 October 2019 and is available up to 75% loan to value. The product has a lower revert to rate than usually applied by Precise Mortgages, which means that the rental calculation used to assess affordability is based on 125% at 4%.
There is a 1.5% arrangement fee, which is payable on completion.
Rob McCoy, senior product manager at Sesame Bankhall Group, said: “We have recently seen an increase in demand from our members for these types of products. When coupled with the recent tax changes that landlords are being impacted by, the reduced rental calculation will be a welcome support to this area of the market.
“Precise Mortgages understands the market and recognises the difficulties faced by property investors. Their robust underwriting will enable them to meet the needs of more property investors to ensure their portfolios and businesses can continue to grow.”
Alan Cleary, managing director of Precise Mortgages, said: “We are more than happy to support the request from SBG for this product. I am sure given the increasing use of Limited Company buy-to-let products this will be well received by its members.”
