Precise and Fleet cut BTL rates for landlords

Precise and Fleet Mortgages have both announced significant interest rate reductions on their buy to let products.

Precise, part of the OSB Group, has introduced a sub-4% BTL product, catering to both first-time buyers and landlords.

Key features of the new BTL products include:

• Tiers 1-3: Rates starting from 3.99% with a 5% fee
• HMO Tier 1: Rates starting from 4.14% with a 5% fee
• Flexible loan sizes: No restrictions on loan size
• Fixed-term options: 2-year and 5-year fixed-term products available at 75% LTV.

The lender’s group intermediary director, Adrian Moloney, said: “We’re committed to helping our broker partners support their clients through market changes.

“And with the buy to let market also continuing to face challenges, we’re introducing a sub 4% rate as well as reduced rates across many tiers to enable brokers to support their landlord customers.”

Fleet Mortgages also lowers rates on popular products

Meanwhile, Fleet Mortgages has reduced rates by 15 basis points on its popular 75% LTV five-year fixed-rate products.

This applies to both their standard and limited company offerings, as well as their EPC A-C variations for energy-efficient properties.

The new rates start at 4.89% for EPC A-C properties and 4.99% for standard offerings.

Fleet’s chief commercial officer, Steve Cox, said: “We are always looking at opportunities to reduce pricing, and recent moves in the market have allowed us to cut rates on these 75% LTV five-year fixes and the EPC A-C alternatives by 15 basis points.

“Affordability remains a constant consideration and by offering these competitive rates, we believe the product range will be opened up for more landlord borrowers.”

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below: