Precise Mortgages has improved its criteria for landlords with multiple properties.
The number of buy-to-let loans each landlord can secure with Precise Mortgages is doubling from five to 10, while the combined value of lending increase from £2 to £5million.
Precise believes the changes will offer greater flexibility for landlord clients. Research that it commissioned in conjunction with YouGov, found that 40% of landlords who expressed an opinion see their property portfolio as a long term investment, with just 11% planning to keep their portfolio until they retire and a further 28% intending to keep their portfolio beyond their retirement.
Key changes to Precise Mortgages proposition are:
- Number of buy-to-let loans with Precise Mortgages increased from five to 10
- Maximum combined value of lending with Precise Mortgages increased from £2m to £5m
- 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.”