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Precise cuts rates on HMO and Ltd company buy-to-let


By Peter Walker

Precise cuts rates on HMO and Ltd company buy-to-let

Precise Mortgages has made a number of changes to its buy-to-let product range available to brokers from today (3 August).

Rates for houses of multiple occupation have been reduced by up to 0.60 per cent per annum, while limited company rates are down by up to 0.55 per cent a year.

The specialist lender has also introduced a two-year fixed rate at 2.79 per cent with a 1.50 per cent product fee, available via the Legal & General Mortgage Club and Sesame Bankhall Group.

Precise’s core range pricing and fixed rate end dates have been refreshed to allow up to 10 properties worth up to £5m.

The rental calculations are based on 125 per cent of the higher of the pay rate or revert rate.

Alan Cleary, managing director of Precise Mortgages, said: “Traditionally the summer months can see business levels soften, but we want to increase our market share and have positioned our new buy to let range to achieve that objective.”

Sesame Bankhall Group’s head of relationship management Jane Benjamin said these new products should be attractive to landlords who are struggling to get a buy-to-let mortgage from high street lenders.

“At a time when many landlords are uncertain about how the recent tax changes will impact on them, as well as not knowing when the next interest rate change is likely to occur, the stability of a fixed rate, coupled with the lower product fee will make these products attractive to a wider range of customers,” he added.

Last month, Precise launched a retention program for customers coming to the end of their initial fixed or discount deals and will be paying 0.25 per cent procuration fees to any intermediary involved.


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