Precise improves criteria on BTL range

The changes, will see the number of buy-to-let loans each landlord can secure with Precise Mortgages double from five to 10, and the combined value of lending increase from £2 to £5million. The changes will offer greater flexibility and will come as welcome news to landlords that see property as a significant factor in their retirement planning.

Research commissioned by Precise Mortgages, in conjunction with YouGov, found that four in 10 (40%) landlords who expressed an opinion see their property portfolio as a long term investment, with just over one in 10 (11%) planning to keep their portfolio until they retire and a further 28% intending to keep their portfolio beyond their retirement.

Precise have also removed the restriction on the number of loans larger than £1m that can be held with the lender and made loans available up to 80% LTV including new build flats.

Alan Cleary, Managing Director of Precise Mortgages says:

“As can be seen from our research many people use property as part of their retirement planning. Our latest criteria changes will help landlords build their portfolios. The private rental sector desperately needs additional housing stock so by enabling landlords to increase their portfolios these improvements also benefit tenants.”