Precise Mortgages launch Almost Prime Buy to Let up to 80% LTV

Precise Mortgages has launched a new “Almost Prime” Buy to let mortgage range for investors with minor and historic adverse credit including products up to 80% Loan to Value (LTV).

“Almost Prime” can assist investors with the following credit problems up to 80% LTV:

• Defaults  none in the last 24 months
• CCJs none in the last 24 months
• Missed mortgage payments none
• Unsecured loan arears 1 in the last 12 months and 2 in 36 months

“Near Prime”  however can include the following adverse credit up to 75% LTV:

• Defaults  a max 0f 2 in the last 24 months (max £5,000) and none in the last 12 months
• CCJs up to 1 in the last 24 months (max £2,500) and none in the last 12 months
• Missed mortgage payments up to 1 in the last 36 months and none in the last 12 months
• Unsecured loan Arears are not counted but may affect credit score

“Almost Prime” 80% LTV products include:

• 3.99% 2 year Libor Trackers (3% fee) or 4.24% (2.5% fee) 4.49% (2% fee) and 4.74% (1.5% fee)
• 4.14% 2 year fixed until 31/08/2016 (3% fee) or 4.44% (2.5% fee) 4.74% (2% fee) and 4.99% (1.5% fee)

“Almost Prime” 75% LTV products include:

• 2.84% 2 year Libor Trackers (3% fee) or 3.24% (2% fee) and 3.49% (1.5% fee)
• 3.19% 2 year fixed until 31/08/2016 (3% fee) or 3.69% (2% fee) and 3.94% (1.5% fee)
• 3.94% 3 year fixed until 31/08/2017 (3% fee) or 4.34% (2% fee) and 4.59% (1.5% fee)

“Near Prime” 75% LTV products include:

• 4.09% 2 year Libor Trackers (3% fee) or 4.49% (2% fee) 4.74% (1.5% fee)
• 4.54% 2 year Fixed until 31/08/2016 (3% fee) or 5.04% (2% fee) and 5.29% (1.5% fee)
• 5.29% 3 year Fixed until 31/08/2017 (3% fee) or 5.69% (2% fee) and 5.94% (1.5% fee)

Precise are also now offering a range of 75% LTV Life Time Libor Trackers starting at 4.29% with a 3% fee. These Life time products can be good if you have no intention of remortgaging and hence you will not fall onto the higher reversion rate and save the costs of moving lenders.

All 80% LTV products are exclusive and only available through selected Packagers and Brokers.

Basic Criteria:

• Minimum Property values are £75,000 or £150,000 for London postcodes
• No Minimum income required, but you must be employed or self employed and supply the last 3 months bank statements
• Stress tested at 125% interest cover on a notional 5% or the pay rate which ever is the higher. At 5% this would mean you could borrow 192 times the properties monthly rental income.
• Maximum age 75 year minimum age 25 years
• First time Landlords accepted but not First time buyers
• Will not accept remortgages within 12 months of the original purchase date
• Both New Build Houses and Flats are acceptable
• No HMOs

To search and get a quote for these and other products please use our Buy to Let Mortgage Calculator

If you need immediate assistance obtaining any Buy to Let mortgage please fill in the form below and we would be pleased to help.

Share This Article