EMBARGOED UNTIL 10am on Friday 1st April – Precise Mortgages Refreshes and widens Buy to Let range
I’m delighted to announce that as of Friday 1st April, we have widened our criteria on Tier 2 as well as changed our affordability assessment rate on our Buy to Let range. These changes have been designed to provide a competitive solution for brokers to offer their buy to let landlords.
Widened criteria – up to 80% LTV (Tier 2)
>. Defaults and CCJs over 2 years old not counted
>. Unsecured credit arrears; 1 in 12 months, 2 in 36 months (worst status)
>. Personal ownership and limited company/SPVs acceptable
>. Up to 6 bed HMOs considered (excludes MUBs)
>. Top slicing available across the entire product range
Affordability assessment rate changes
>. The assessment rate for affordability purposes has changed to 5.75% on 2 year fixed rates*
>. 5 year fixed rates continue to be assessed at pay-rate*
*refer to product guide for more details
Feature products (maximum loan £500k) introduced across the entire Buy to let range
>. For customers looking for reduced costs we are now introducing products with £0 fee, refund of valuation and £500 cashback across our 2 year and 5 year fixed rate products at all LTVs.
As mentioned in my residential communication this evening, Lisa Coombes will follow this email with the approved product guide and links to the documents as soon as they are available for distribution.
As always, we would appreciate your support in promoting these products to your brokers and if there is anything that you need from a marketing perspective, please just let Lisa or Laurelle know and they’ll be happy to work with you to provide.
If you have any questions regarding the above or my previous communication this evening, please do not hesitate to contact either myself, your corporate account manager, or your local BDM.
