Precise, part of OSB Group, has made a number of changes across its buy-to-let (BTL) product range, including reduced rates starting from 4.49% and new fee products.
The enhancements were designed to offer a more competitive range while helping to increase the borrowing capacity of landlords.
Highlights include the reintroduction of Tier 1 products at 70% & 75% loan-to-value (LTV) with reduced paperwork for eligible borrowers and options for houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs) and limited companies.
The lender also expanded Tier 2 and 3 products up to 80% LTV with 2-year and 5-year fixed options, expanding the allowable adverse at higher LTVs.
Precise added a 7% and 5% fee option for 5-year fixed and 5% fee option for 2-year fixed.
Adrian Moloney (pictured), group intermediary director at OSB Group, said: “These fee-based options support brokers and their clients who are looking for the reassurance of a fixed monthly payment and increased borrowing capacity.
“As well as reducing rates, we’ve widened our acceptable criteria on buy to let properties with all three tier products which strengthens Precise’s offering within the buy to let market.”
James Chisnall, director at City Finance Brokers, said: “We have many clients that this product range will be ideal for, as they will be able to maximise their opportunities with access to greater loan amounts via fee-based products.
“Clearly there are some clients who have credit challenges, however with higher ICR rates impacting on maximum loan amounts, lenders have had to be innovative in order to help them achieve their goals.
“Precise are a great lender to work with their quick turnaround and support really helps us to find the right solutions for our customers.”
