Precise unveils second charge BTL
Last month Precise head of sales Roger Morris revealed the lender was looking at ways to help landlords release equity from their portfolios without having to remortgage off low lifetime tracker rates or pay early repayment charges on first charge deals.
The new range is available on an interest and capital and interest-only basis to align with first charge mortgages with the lender claiming deals can complete within one week of application.
Alan Cleary, managing director of Precise Mortgages, said: “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.”