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Precise launches limited edition buy-to-let range

  • 18/11/2015
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Precise launches limited edition buy-to-let range
Precise Mortgages is offering a limited edition range of buy-to-let mortgages with percentage-based fees replaced by fixed fees.

The lender said the deals could save customers thousands of pounds in mortgage payments and product fees.

The maximum tenancy term on products has also been increased from 12 months to 36 months, which Precise said is a permanent change.

Highlights of the 75% loan-to-value range include a lifetime tracker reduced by 0.26% to 3.49% and product fee changed from 2.5% to £2,295. Precise has calculated the average saving that could be made on this product in excess of £5,000 when compared to its core range.

Further products include a five-year fixed rate reduced by 0.40% to 3.99% and product fee changed from 2% to £1,995. The rate on its two-year fixed mortgage has been cut by 0.30% to 3.69% and product fee now costing £1,995 instead of a 2% charge.

The two-year tracker rate has been slashed by 0.11% to 3.39% with the product fee changing from 2% to £1,995.

Alan Cleary, managing director of Precise Mortgages, said: “The buy-to-let market is very competitive at the moment and these products will give significant savings to landlords. The introduction of a fixed product fee will also give mortgage intermediaries more choice especially for larger loans. While these products are expected to be withdrawn by Christmas the change to the maximum tenancy term is permanent.”

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