Speaking at the annual Ingard conference in Coventry today Roger Morris, sales director at Precise, told brokers the new product would offer clients much more flexibility to manage and grow their property portfolios.
He said: “There is a real need for this sort of product in the market. I am a landlord myself and most of my portfolio is on 1% tracker rates for life – why would I remortgage from that?
“But that’s dead equity – a second charge buy-to-let product allows landlords to free up their finance to invest in more rental properties which are badly needed, especially in the South East where people are struggling to compete for rental accommodation.”
Morris said the product details are still to be finalised but the launch date is set for the first week in July.
He added: “Precise is the home of complex structured buy-to-let. We design finance for landlords who understand what they want and need.”
Morris said the product would be available to Ingard brokers and through Precise’s panel of master brokers.
