Precise cuts HMO and Ltd Co BTL rates

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Precise Mortgages has made changes to its buy-to-let product range.

HMO rates are being reduced by up to 0.60 percentage points. while limited company buy-to-let rates have been but by up to 0.55 percentage points.

In addition, a new two-year fixed rate at 2.79% with a 1.50% product fee is available via Legal & General and Sesame Bankhall Group.

Core range pricing and fixed rate end dates have been refreshed.

Alan Cleary (pictured), managing director of Precise Mortgages, said: “Traditionally the summer months can see business levels soften but we want to increase our market share and have positioned our new buy-to-let range to achieve that objective.”

Jane Benjamin, head of relationship management at Sesame Bankhall Group, added: “These new products should be attractive to landlords who are struggling to get a buy-to-let mortgage from high street lenders.

“At a time when many landlords are uncertain about how the recent tax changes will impact on them, as well as not knowing when the next interest rate change is likely to occur, the stability of a fixed rate, coupled with the lower product fee will make these products attractive to a wider range of customers.”

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  1. It looks like Precise is seeking to further carve out its niche as a specialist lender by making such large cuts to its HMO and limited company range. It’s interesting that Precise is one of many lenders who haven’t yet raised its rental cover ratio from the traditional 125%, even for HMOs.

    Lenders will be seeking to define their part in the market over the coming months. We’ll probably see a further split between those who aim for low-risk business, and those have refined their propositions for more complex cases.

    Advisors and brokers need to stay abreast of changing market dynamics. There will be plenty of opportunity to place complicated or difficult cases, but it will require firms to be comfortable and familiar with the specialist areas of the market.

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