Precise Mortgages buy to let rates cut

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Precise Mortgages has applied a number of changes to its buy to let product range this week, including reduced rates on Houses of Multiple Occupancy (HMOs) and limited company buy to let deals.

Thought to have made these changes in order to increase its market share in the buy to let space, the latest changes include cutting HMO rates by up to 0.6% and limited company buy to let rates by up to 0.55%.

The specialist lender has also introduced a two year fixed rate at 2.79% with a 1.5% product fee, available via the Legal & General Mortgage Club and Sesame Bankhall Group.

Pricing for the lender’s core range of fixed rates has also been refreshed, now allowing a maximum of 10 properties worth up to £5 million. The rental calculations for these are based on 125% of the pay rate or revert rate, depending on which is highest.

Last month, the lender also launched a retention program for customers reaching the end of their initial fixed or discount deals.

At a time when many landlords face uncertainty surrounding the impact of recent and upcoming tax changes, combined with the recent Bank of England interest rate drop, these reduced rates and lower product fees will be attractive to a wide range of customers in the buy to let space.

Elsewhere in the market, Natwest launched new cashback fixed rates for first time buyers, including a number of new two and five year fixed rate cashback mortgages.

These all come with £500 cashback upon completion and no product fee, with only one of the mortgage applicants required to be a first time buyer.

Two year fixed rates now include a rate of 2.72% up to 80% loan to value (LTV), 2.87% at 85% LTV or 2.97% up to 90% LTV.

Five year fixes are also available at 3.54% up to 80% LTV, 3.57% at 85% LTV and 3.88% at 90% LTV.