Precise to enter income-supported buy-to-let

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Precise Mortgages will launch into income-supported buy-to-let next week.

The expansion lets customers with excess income bridge the gap between the rent they need and the rent they would earn.

A Precise statement says the new product will be designed to let brokers help customers who would otherwise struggle with prime lenders’ lending policies.

The lender adds that the expansion also “opens up the buy-to-let market to more customers who want to invest in property”.

The product is available for purchase and remortgages, including capital raising.

The lender will publish full details of the product on 5 December.

Precise Mortgages managing director Alan Cleary says: “We believe that income-supported buy-to-let will be a real game changer, particularly where customers are struggling to get the loan size they need.

“This is built into our system. When the broker goes in, it asks them if they want to use the customers’ income. If they tick ‘yes’ and put in the income, it shows them how much loan they can get with and without the customer using that.”

L&G Mortgage Club head of lender relationships Danny Belton says: “After what has been a tough year for the buy-to-let market, it’s great to see a lender such as Precise Mortgages recognising the challenges in the sector, and providing solutions for both mortgage intermediaries and their clients.”

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