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Precise expands BTL range for landlords with credit problems and cuts rates

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  • 19/03/2024
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Precise expands BTL range for landlords with credit problems and cuts rates
Precise has reduced the cost of some buy-to-let (BTL) mortgage rates while expanding the options for landlords with adverse credit.

This is following a market-wide rise in credit difficulties reported by UK Finance.

Current tier one 80 per cent loan to value (LTV) rates have been cut by 50 basis points.

Meanwhile, tier two and three BTL ranges have been added for adverse cases, with rates starting from 5.19 per cent.

Adrian Moloney (pictured), group intermediary director at OSB Group, said: “These buy-to-let changes reflect the challenges that UK Finance highlighted in its quarter four results, which showed that a percentage of landlords as well as homeowners were struggling with their finances.

“As well as reducing rates, we’ve widened our acceptable adverse criteria on buy-to-let properties with tier two and tier three products.”

According to UK Finance Q4 data, BTL mortgages in arrears increased 18 per cent to 13,570 compared to the previous quarter.

Homeowner mortgages in arrears increased seven per cent to 93,680 compared to the previous quarter.

 

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Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions. Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.

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