Precise unveils ‘market-leading’ BTL 5-year fix at 2.99%
Precise Mortgages is offering a 5-year fixed rate buy-to-let mortgage at 2.99% to 75% loan-to-value for limited companies or individual borrowers.
The product comes with a 2.00% product fee and, with a minimum loan size of £350,000, has been launched with South Eastern landlords in mind.
Chris Lloyd, associate director of high net worth broker Enness Private Clients, said: “This rate from Precise is market-leading – they will assess the maximum borrowing with the actual rate of interest rate of 2.99%, as opposed to how the high street tests affordability with an assumed stressed interest rate of 5.5%.
“This exceptionally low rate allows the client to borrow a lot more than they can elsewhere.”
He added: “Most landlords are now buying their buy-to-let properties as a limited company as it works out more efficient in terms of tax.
“Interest rates for these clients are typically around 3.5% plus for a limited company buy-to-let mortgage.”
Precise also offers a 5-year fix at 3.39% to 75% LTV for borrowers with a minimum loan size of £250,000.