Precise raises BTL maximum loan size to £3m

They have also made criteria changes which included raising the max loan size on certain lifetime tracker BTL products.

Highlights of the new core range are: 3.69% interest rate with a 2.5% product fee; maximum 60% LTV; rental coverage required at 125% of pay rate or revert rate, whichever is higher; and a maximum loan size on selected lifetime tracker buy to let products increased to £2m from £1m. Borrowers must have a verifiable income of £100,000.

In addition to the exclusive range:
•    Maximum loan size on selected lifetime tracker buy to let products increased to £3m from £1m
•    Interest rates start from 3.80% and product fees range from 1.00%-1.50%
•    Selected products are available to SPF Private Clients, L&G Nouveau Club and Knight Frank

These products are also available in the bridge to let range which allows them to be used as an exit to a bridging loan with Precise Mortgages.

Alan Cleary, Managing Director of Precise Mortgages says:

“Until now buy to let loans for over £1m were the preserve of private banks but now mortgage intermediaries have another option.  Our lifetime trackers are very popular with high net worth landlords that have lower yielding properties in London Zones 1&2 where typical rental yields are 2.5%-4%; this product requires rental yields in the 2.7-3% range so should be a hit.”