Buy to Let second charge loans with Precise Mortgages

Buy to Let second charge loans with Precise Mortgages

15:05 PM, 29th July 2015, About 9 years ago

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For many Buy to Let borrowers raising finance by way of a second charge loan can be far better than leaving an existing very low reversion rate and re-entering the cycle of remortgaging every few years with an incrementally higher rate at the end of each mortgage product term.Precise mortgages

Precise Mortgages have launched a new range of second charge loans to help investors raise equity for any purpose without the need to remortgage.

  • The products are targeted at prime borrowers with correspondingly attractive fees and rates.
  • For many investors a Buy to Let second charge loan will achieve a better financial outcome than remortgaging, products fees are just £495 and rates start from 5.95%.
  • Customers can capital raise against the equity in a Buy to Let portfolio for any purpose.
  • Quicker than a remortgage with most customers expected to receive funds within a week from application.
  • Favourable rental coverage calculation uses the customer’s actual payment on the first charge rather than a nominal 5%, so if they are paying a lower rate on their first charge they may be able to achieve a larger overall loan than by remortgaging.
  • Repayment methods include Interest only and capital & interest, with terms of anywhere between 3–30 years.

Minimum loan amount £5000 and Maximum £150,000

Maximum Loan to Value 65% – 75% dependent on product

Lifetime tracker products start at BBR + 5.45% up to BBR + 6.45%

Fixed rates start at 6.35% up to 7.85% for a 5 year 75% LTV product

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