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Precise cuts buy-to-let rates

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  • 03/09/2015
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Precise cuts buy-to-let rates
Specialist lender Precise Mortgages has lowered rates on its buy-to-let mortgage range, including a revert rate reduction on its five-year fixed rates to support landlords with raising funds.

Highlights of the range include two-year tracker rates from 3.49% and two-year fixed rates from 3.99%.

Revert rates on Precise’s five-year fixed rates deals have been reduced to 4.09% with a rental calculation of 125% of the pay rate or revert rate.

It has also lowered fees on selected lifetime trackers and extended fixed-rate end dates.

Alan Cleary, managing director of Precise Mortgages, said: “We estimate the size of the buy-to-let market to be in the region of £30bn in 2015, of which 50% will be remortgages. In order to support landlords, who are left underserved by the high street, we continue to make changes to our buy-to-let range.

“Not only have we reduced our buy-to-let mortgage rates, we’ve also reduced the revert rate on our buy-to-let five-year fixed rate product. This coupled with our 125% rental coverage calculation means we can help buy-to-let landlords raise the funds they need.”

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