Precise enters holiday let market and tweaks multi-unit criteria

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  • 15/08/2018
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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.”

 

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