Precise Mortgages has unveiled a set of exclusive buy-to-let products aimed at the high net worth landlord.
Features of the core range include:
- Maximum loan size on selected lifetime tracker buy-to-let products increased to £2m from £1m
- 3.69% interest rate with a 2.5% product fee
- Maximum 60% LTV
- Rental coverage required is 125% of pay rate or revert rate (whichever is higher). In the case of lifetime trackers pay rate and revert rate are the same, so in this case it is 125% of 3.69%.
- Borrower must have a minimum of £100,000 verifiable income
In addition, the exclusive range has the following features:
- 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, said: “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.”
