A new 5-year fixed-rate buy-to-let range with reduced rates and product fees to support brokers and customers has been launched by specialist lender Precise Mortgages.
The new products – which are described as limited-edition - are available at 3.49% with a 1.5% product fee and 3.59% with a 1% product fee on LTVs (loan to values) of up to 75%.
Precise Mortgages’ new products aim to respond to recent market changes and are available to both landlords applying as individuals or through limited companies, and on portfolios comprising houses in multiple occupation (HMO).
The firm says the 5-year fixed rates are perfect for low yield and high value properties above £300,000, which will help landlords to secure the loan size they want with the assessment rate based on the pay rate.
Syndicated research conducted on behalf of Precise found that the highest yields across all types of property are currently available on HMOs at 7.1%, although yields vary across the country. Landlords in the North West, for example, achieve an average yield of 6.7% compared with 4.8% in Central London, where property values tend to be higher.
“There is increasing demand for products targeted to address particular issues faced by brokers and landlords which is a major part of our role as a specialist lender as the new range demonstrates,” Alan Cleary, managing director of Precise Mortgages, said.