The lender has also cut rate on its 80% loan to value buy-to-let range and reduced reversion rates to 5%, except on its lifetime trackers.
The lender has also introduced a new ‘almost prime’ tier, which it said offers better pricing for marginal cases.
Alan Cleary, managing director of Precise Mortgages (pictured) explained the almost prime tier won’t count unsecured credit blips to a point, but beyond that point the credit score will be reduced.
“We get borrowers coming to us who were falling into the near-prime range, but this tweak means the pricing will be better on their deals by 40-50bps. This is less about an increased risk appetite and more about a better deal for the customer”
He continued: “We will be making several improvements to our BTL product range over the coming weeks as we hope to attract more business from brokers. The 80% LTV product is particularly competitive and the changes to the reversion rate will make it easier to place cases with us.”
David Copland, director of mortgage services at LSL Property Services said: “There is a shortage of 80% LTV BTL deals at the moment so this product should be well received.”
Precise sealed its first £170m portfolio securitisation last November.
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