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Precise reduces BTL rates and broadens fee options

  • 21/06/2024
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Precise reduces BTL rates and broadens fee options
Precise, part of OSB Group, has reduced select rates across its buy-to-let (BTL) product range to now start from 4.49%.

The lender has also introduced new fee products. 

Precise said the changes would offer a “more competitive range” and increase the borrowing power of landlords. 

The BTL lender has reintroduced its Tier 1 products at 70% and 75% loan to value (LTV) with reduced paperwork requirements for eligible borrowers, including options for landlords with houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs) and borrowing through limited companies. 

It has also widened its Tier 2 and 3 product range up to 80% LTV with the addition of two- and five-year fixed options, as well as expanding the allowable adverse circumstances at higher-LTV tiers. 

Precise has added 5% and 7% fee options across its five-year fixes, and a 5% fee option to its two-year fixes. The lender said this would boost borrowing ability. 

Adrian Moloney (pictured), group intermediary director at OSB Group, said: “These fee-based options support brokers and their clients who are looking for the reassurance of a fixed monthly payment and increased borrowing capacity. 

“As well as reducing rates, we’ve widened our acceptable criteria on buy-to-let properties with all three tier products, which strengthens Precise’s offering within the buy-to-let market.” 

James Chisnall, director at City Finance Brokers, added: “We have many clients that this product range will be ideal for, as they will be able to maximise their opportunities with access to greater loan amounts via fee-based products. Clearly there are some clients who have credit challenges, however with higher interest coverage ratio (ICR) rates impacting on maximum loan amounts, lenders have had to be innovative in order to help them achieve their goals. 

“Precise are a great lender to work with; their quick turnaround and support really helps us to find the right solutions for our customers.” 

In its latest financial results covering the Q1 period, OSB Group reported £1bn in mortgage originations.

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