Paradigm Mortgage Services has revealed that it has access to a semi-exclusive buy-to-let product from Precise Mortgages.
The mortgage services proposition is one of two mortgage distributors with access to the product – a two-year 2.89% fixed rate available up to 75% LTV.
The product will only be available for a limited time and benefits from a reduced rate – 0.2 percentage points below Precise Mortgages’ standard product – and a reduced fee – 1% compared to 2% on its standard product.
This 2.89% two-year fix comes with a reversion rate of 5.5% and ERCs of 4% in year one and 3% in year two.
John Coffield, head of Paradigm Mortgage Services, said: “Our close relationship with lenders allows us to secure access to market-leading products on both an exclusive and semi-exclusive basis, so we are pleased to be able to offer this Precise Mortgages deal to our member firms.
“It comes with a very competitive rate and fee – both reduced from the lender’s standard offering – and should stack up well for advisers looking for a quality deal. As mentioned, it will only be available for a limited time so Paradigm members are advised to act quickly if they believe this deal is suitable for their landlord clients.”
Alan Cleary (pictured), managing director of Precise Mortgages, said: “This new buy-to-let product will help provide an alternative choice for customers who are looking to benefit from lower up-front costs and monthly repayments.
“We’re pleased to support Paradigm in offering this shared exclusive and are confident it will be well received by its advisers and customers alike.”