The new product is aimed at property investors and lends up to 75% of the post works valuation providing investors with the opportunity to rapidly expand their portfolio.
Borrowers can move on to the buy-to-let element of the loan after four months. The buy-to-let mortgage is available with terms of up to 30 years and starts at 4.39% with a 2% arrangement fee that can be added onto the end of the loan.
The product is available on an interest only basis and has no valuation or legal fees.
Alan Cleary, managing director of Precise Mortgages, said: "This is what intermediaries have been asking us for and I hope we have exceeded their expectations with this product.
“This is great news for property investors as this will facilitate them in paying down the bridging element in double quick time, saving them potentially significant sums of money."
Brokers are also able to check the qualification of customers looking to take a Bridge to Let from the outset thus ensuring that they are eligible to move on to the buy-to-let element of the product.
By only leaving a ‘soft footprint’ Precise ensures that borrowers still have other options if they are not eligible for Bridge to Let.
Rob Jupp, CEO of Brightstar Financial, said: "Once again Precise has led the market with an intelligent, affordable product for our time.
“Many clients decide against short-term lending as they fear the uncertainty of not achieving a long-term exit. This now minimises that risk and provides clients with considerably more surety.”
Chris Fairfax, managing director of Positive Lending, added: “All bridge-to-let products prior to this have been fundamentally flawed; attractive initial bridging proposition followed by relatively high interest rate.
“This product is a genuine bridge-to-let and I expect high conversion from short to long-term as borrowers receive assurance without punitive costs.”
Intermediaries wishing to use Precise’s new product should visit the lender’s website to familiarise themselves with the application process and to view bespoke process guide designed to help intermediaries.
