Buy to Let second charge loans with Precise MortgagesMake Text Bigger
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 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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