Precise Mortgages drops rates on HMO and B2L ranges

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Precise Mortgages is dropping rates on its houses in multiple occupation and limited company by-to-let range.

Precise says it is making the changes to bolster its buy-to-let book and increase its market share.

The changes include the lender cutting HMO rates by 0.60 per cent and limited company buy-to-let rates by up to 0.55%.

The lender has also launched a new two-year fixed rate at 2.79 per cent with a 1.50 per cent product fee.

The new product is available through L&G and Sesame Bankhall Group.

The lender will now be basing rental calculations on 125 per cent of the pay rate or revert rate, whichever is higher.

Precise Mortgages managing director Alan Cleary says: “Traditionally the summer months can see business levels soften but we want to increase our market share and have positioned our new buy to let range to achieve that objective.”

Sesame Bankhall Group head of relationship management Jane Benjamin says: “These new products should be attractive to landlords who are struggling to get a buy to let mortgage from high street lenders.

“At a time when many landlords are uncertain about how the recent tax changes will impact on them, as well as not knowing when the next interest rate change is likely to occur, the stability of a fixed rate, coupled with the lower product fee will make these products attractive to a wider range of customers.”