Precise Mortgages has today reduced rates on its BTL range by up to 1.25 per cent bringing its cheapest product down to just 3.89 per cent pa
Precise Mortgages has today reduced rates on its BTL range by up to 1.25 per cent bringing its cheapest product down to just 3.89 per cent pa.
The average reduction across the intermediary-only lender’s entire BTL range is 0.5 per cent and products are available throughout England and Wales and selected Scottish post codes.
80 per cent LTV products will now start at 4.49 per cent and there is a range of fixed rate products, trackers and some products with a refund of valuation and free legal packages.
Alan Cleary, Managing Director of Precise Mortgages, commented: "Our BTL range has proved to be very popular and the performance of the loans is impeccable, therefore we are improving the price for our borrowers in order to drive more volume.
“We have a number of product enhancements coming in the next few weeks, which will demonstrate our confidence in the housing market and the intermediary channel."
Ben Thompson, Managing Director L&G Mortgage Club, said: “This is an impressive product offering that appears to build on the good success that Precise Mortgages has had since launch, supported exclusively by intermediaries.
“Buy-to-let continues to be a growth market with many factors combining to make investing in residential property look appealing compared to cash or other options.
“There are not as many lenders properly active in BTL as there are for conventional owner occupied mortgages and this genuine, heightened price competition from Precise Mortgages is a very welcome boost both for intermediaries and the end customer."
