Research in partnership with YouGov revealed the long-term ambitions of the majority of landlords with 40% seeing it as a long-term investment and 11% planning to keep their portfolio until they retire with 28% planning to use it as pension income.
As a result, Precise Mortgages has revised its lending criteria to remove the restriction on the number of loans larger than £1m that can be held within a portfolio with the lender. The lender is also willing to lend up to 80% LTV including new-build flats and if offering lifetime trackers and five-year fixed rates with rental calculation based on pay rate.
Alan Cleary, managing director of Precise Mortgages, (pictured) said: “As can be seen from our research many people use property as part of their retirement planning. Our latest criteria changes will help landlords build their portfolios. The private rental sector desperately needs additional housing stock so by enabling landlords to increase their portfolios these improvements also benefit tenants.”
