Precise Mortgages to add ‘income supported’ buy-to-let feature
Precise Mortgages will enable landlords to apply for buy-to-let mortgages using a combination of rental yield and outside income from next week.
The additional income can be used to effectively ‘bridge the gap’ if they aren’t expected to get the rent required to take out the mortgage they want.
Precise’s system will tell brokers how much landlords can borrow with or without the additional income included.
Alan Cleary (pictured), managing director of Precise Mortgages, said: “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 should all be very straightforward for the broker – we’ve tried to keep it aligned to the broker’s sales process.”
The lender is aiming to add the feature from next Tuesday.
Danny Belton, head of lender relationships at L&G Mortgage Club, said: “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.”