Precise Mortgages is offering a range of limited-edition specialist buy-to-let mortgages with low arrangements fees.
The lender has two and five-year fixed rate mortgages available for HMO’s (House in Multiple Occupation), multi-units, holiday lets and limited company rates. The maximum loan is £750,000 and some of the product come with 1% cash back.
Precise’s lowest rate is 2.79% fixed until 31 May 2021. At the end of this period, it reverts to the lender's LIBOR linked variable rate currently of 5.93%. The overall cost for comparison is 5.93% APRC representative.
The mortgage has a £995 arrangement fee, and applicants will need a 25% deposit to qualify. It is available for property purchases and remortgages.
Aaron Strutt, product director at Trinity Financial, says: “Many of the lenders offering specialist buy-to-let rates have percentage based arrangement fees and charge higher rates.
“Precise has a highly competitive rental stress test calculation and even uses applicants person income to boost the increase the maximum loan size.”
Representative example: A capital and interest mortgage of £500,000 payable over 25 years, initially on a 2.79% fixed rate until 31/05/2021 and then on a variable rate of 5.93% for the remaining 23 years, would require 24 monthly repayments of £1,162.50 followed by 276 monthly repayments of £2,470.83. The total amount repayable would be £1,212,174.08 made up of the loan amount, plus interest (£709,894.08) and £995 (product fee), £295 (final repayment charge), £35 (completion fee). The overall cost for comparison is 5.93% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure a specialist buy-to-let mortgage