Precise enters holiday let market and tweaks multi-unit criteria

by:
  • 15/08/2018
  • 0
Precise enters holiday let market and tweaks multi-unit criteria
Precise has launched into the holiday buy-to-let market and enhanced criteria for its multi-unit range.

 

The lender will consider UK applications on houses and flats currently utilised as holiday lets providing there are no planning or occupancy restrictions.

Its products are available to “experienced individual and limited company landlords” with rates starting from 2.77% and values up to £500,000 to a maximum 70% loan to value (LTV).

Or they can opt for a bridging finance loan to fund the purchase.

Changes to the multi-unit criteria mean landlords can now have up to six self-contained units under a single freehold and borrow up to £750,000 at 75% LTV and up to £1m at 70% LTV.

 

Holiday lets growing popularity

Alongside its expansion into the holiday let market, Precise published research which found landlords were increasingly investing in the market.

The survey of 681 landlords conducted by BDRC found holiday lets were the second most popular property type to own in addition to residential portfolios.

One in 10 (9%) landlords with more than 20 properties said they owned a holiday let in the UK with a further 9% owning holiday lets abroad.

Meanwhile, 12% of all landlords owned multi-unit properties with that figure rising to 34% among those with 20-plus properties.

Precise Mortgages managing director Alan Cleary (pictured) said: “The UK is proving increasingly popular among both British and overseas tourists which is generating attractive rental returns for holiday lets.

“The new criteria across the buy-to-let mortgage and bridging finance ranges will help more customers secure the product they need.”

 

There are 0 Comment(s)

You may also be interested in

Bridging

Keep up-to-date with all the breaking bridging and short-term lending news and analysis, from regulatory changes to product innovation and inside market knowledge. Take a look at our broker and lender case studies showing short-term finance in practice.

Commercial

Find all the news, opinion and analysis for property finance brokers specialising in commercial and semi-commercial mortgages, alternative and development finance for commercial investments in residential projects.

Second charge

Stay up-to-date with the latest news, analysis and opinion on the secured loan market as it evolves into a mainstream finance option following European regulation on 21 March 2016.

Complex buy-to-let

Whether it’s a complicated asset or a complex customer, you’ll find out all the breaking buy-to-let news in this section. From limited companies to portfolio landlords, student lets to a House in Multiple Occupation, we’ve got all bases covered with our up-to-the-minute news, analysis and opinion.

Mortgage Solutions

Find all the breaking news, analysis and industry comment on Specialist Lending Solutions' sister site, Mortgage Solutions
Read previous post:
Treasury building
Tech entrepreneurs win £2m prize to help UK’s renters onto the housing ladder – HM Treasury

Renters unable to get a mortgage due to lack of credit rating will be able to boost their chances through...

Close