Specialist lender Precise Mortgages this week has reduced the rates on its buy-to-let mortgage range, following a reduction in second charged loan rates last week.
The rate cut is further enhancing the lender’s commitment to supporting buy-to-let landlords across the UK, Precise says.
The highlights of the new range include:
- 2 year tracker rates from 3.49%
- 2 year fixed rates from 3.99%
- 5 year fixed revert rates reduced to 4.09% with rental calculation at 125% of the pay rate or revert rate
- Lifetime trackers with lower fees
- Extended fixed rate end dates
Alan Cleary, Managing Director of Precise Mortgages comments: “We estimate the size of the buy to let market to be in the region of £30 billion in 2015, of which 50% will be remortgages. In order to support landlords, who are left underserved by the high street, we continue to make changes to our buy to let range.
“Not only have we reduced our buy to let mortgage rates, we’ve also reduced the revert rate on our buy to let five year fixed rate product. This coupled with our 125% rental coverage calculation means we can help buy to let landlords raise the funds they need.”
