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Precise Mortgages has launched a buy-to-let rate providing larger mortgages loans to individuals and those buying through limited companies.
The mortgage is fixed for five years fix at 2.99% and it's rental calculation uses a leading 125% of the pay rate (2.99%).
The minimum loan size is £350,000, and the maximum is £3,000,000. There is a 3% arrangement fee and landlords will need a 25% deposit to qualify. Early repayment charges apply for the full five years.
If a property generated £3,000 rental income each month, the maximum loan size could be as much £963,210, and this is more than many of the other lenders.
Aaron Strutt, director at Trinity Specialist Finance, says: “If you are struggling to secure a large enough buy-to-let mortgage through the high street lenders, some of the specialist banks may be able to help.
“To provide larger mortgages some of the buy-to-let lenders offer bigger loans when landlords lock into a five-year fix or use surplus income to boost the rental income. If these options are still not enough, lenders offering specialist terms might be a better option.”
Precise says this is a limited edition product and it can be withdrawn at any time.
To secure a more generous buy-to-let mortgage, call Trinity Specialist Finance on 020 7016 6151.