Precise launches range of second charge buy-to-let products

Precise Mortgages has launched a range of second charge buy-to-let products with rates starting at 5.95 per cent.

The products, aimed at prime landlords wishing to raise capital from the equity in their portfolios, are available on an interest-only and capital repayments basis.

At 65 per cent LTV, the lender is offering a lifetime tracker at base plus 5.45 per cent. The fixed rates on offer are a 6.35 per cent two-year product, a 6.55 per cent three-year product and a 6.85 per cent five-year product.

At 70 per cent LTV, the lender is offering a lifetime tracker at base plus 5.95 per cent. The fixed rates on offer are a 6.85 per cent two-year product, a 7.05 per cent three-year product and a 7.35 per cent five-year product.

Finally, at 75 per cent LTV, Precise is offering a lifetime tracker at base plus 6.45 per cent. The fixed rates on offer are a 7.35 per cent two-year product, a 7.55 per cent three-year product and a 7.85 per cent five-year product.

All products offered have a £495 fee. The maximum loan at 65 and 70 per cent LTV is £150,000 and at 75 per cent LTV it is £100,000.

Precise Mortgages managing director Alan Cleary says: “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.”