Precise Mortgages has launched a range of buy-to-let second charge loan products, aimed at prime landlords wishing to raise capital from the equity in their buy-to-let portfolios.
Rates start from 5.95% and are available on interest and capital and interest-only basis to align with first charge mortgages.
The products offer landlords the ability to access equity in their property portfolio for any purpose even when their first charge has an ERC and Precise claims the deals offer a cheaper option than remortgaging for many landlords.
The second charge can complete within one week of application, compared to a typical remortgage of eight weeks.
Alan Cleary, managing director of Precise Mortgages, said: “We expect to see approximately 108,000 buy-to-let remortgage transactions this year and many of these landlords may have been financially better off if they had access to a competitive buy-to-let second charge loan product instead. Now they have.”
Precise Mortgages estimates that the buy-to-let market is to hit £30bn of gross advances this year and approximately 50% of that will be remortgages.