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New products have been launched by Precise Mortgages and Mansfield Building Society, with the former a limited edition range and the latter providing an offering specifically for expats.
Precise Mortgages has offered a limited five-year fixed rate buy to let range with reduced rates and product fees. The products are available to landlords applying as individuals or through limited companies. They are also applicable to houses in multiple occupation. The products are available at 3.49 per cent along with a 1.5 per cent product fee, as well as at 3.59 per cent with a 1 per cent product fee on a loan to value of up to 75 per cent.
It is thought that the five-year fixed rate deals will appeal to landlords with low yield and high value properties above £300,000. This is as the deals will help them secure the loan size they want with the assessment rate based on the pay rate.
Managing director of Precise Mortgages, Alan Cleary, said: ‘There is increasing demand for products targeted to address particular issues faced by brokers and landlords which is a major part of our role as a specialist lender as the new range demonstrates.’
In addition, Mansfield Building Society has launched an expat buy to let mortgage. It is initially available through selected brokers including deVere Mortgages, John Charcol, Coreco, Large Mortgage Loans and Alexander Hall.
The product is a two year discounted variable product. It has a current rate of 2.79 per cent and is available up to 70 per cent LTV with a £199 application fee. It also comes with a 1.25 per cent completion fee. There is an interest coverage ratio of 125 per cent at 5.5 per cent, with the maximum loan size £500,000.
Mortgage executive at The Mansfield, David Newby, said: ‘With a much greater emphasis already placed on assessing the financial stability of buy-to-let landlords, we have been able to leverage our existing underwriting expertise and expand our already extensive proposition seamlessly. We’ve worked with our broker partners to establish our proposition and are delighted to be offering them more choice to help them find solutions in an increasingly complex mortgage market.’