Precise loosens BTL criteria

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.

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.

Additional changes include:

- Removal of the restriction on the number of loans larger than £1m that can be held within Precise Mortgages
- Loans available up to 80% LTV including new build flats
- Lifetime trackers and five year fixed rates with rental calculation based on pay rate

Alan Cleary, Managing Director of Precise Mortgages, said:

“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.”