The buy-to-let element offers terms of up to 30 years, on an interest-only basis and with no valuation or legal fees.
From month four, all Precise Mortgages’ bridging customers can switch the bridging loan into one of the lender’s buy-to-let products (BTL) with no additional valuation or legal fees.
Customers may be able to take the BTL loan up to 75% of the property’s post works valuation so, if they have enhanced the value of the property, they will be able to withdraw some or all of their working capital.
Standard bridging rates apply with the BTL element starting at 4.39% with a 2% arrangement fee added to the loan.
Precise has a bespoke process guide designed to help intermediaries on its website.
Alan Cleary, managing director of Precise Mortgages (pictured) said: “This is what intermediaries have been asking us for and I hope we have exceeded their expectations with this product. This is great news for property investors as this will facilitate them in paying down the bridging element in double quick time, saving them potentially significant sums of money.”
Rob Jupp, CEO of Brightstar Financial said: “Once again Precise has led the market with an intelligent, affordable product for our time. Many clients decide against short-term lending as they fear the uncertainty of not achieving a long term exit. This now minimises this risk and provides clients with considerably more surety.”
Chris Fairfax, managing director of Positive Lending said: “All bridge-to-let products prior to this have been fundamentally flawed; attractive initial bridging proposition followed by relatively high interest term rate. This product is a genuine bridge to let and I expect high conversion from short to long term as borrowers receive assurance without punitive costs.”
