Precise teams with Buy to Let Club on second charge offer

The products come without fees and are fixed for five years. Rates start at 4.49% for loan-to-values of up to 60% with a maximum loan size of £200,000.

All products in the range are stressed at pay rate and offer the option to include landlords’ earned income in affordability assessments.

They will be available only to members of the Buy to Let Club.

Precise managing director Alan Cleary (pictured) said: “These products are designed to give mortgage brokers more flexibility when dealing with their clients’ financial needs. The pricing of the products is very keen and I expect them to be very popular.”

Buy to Let Club managing director Ying Tan said his firm had seen a rise in enquiries about second charge loans from its brokers.

“The benefits of second charge loans are certainly becoming more widely appreciated,” he said. “Enabling clients to retain existing mortgage rates makes them an attractive proposition for many, but the fact that they can be used to capital raise for many non-traditional purposes often comes as a surprise to brokers.

“In today’s market, an awareness of the opportunities presented by second charge loans should be part of a broker’s arsenal in order to provide the best possible advice to their clients.”