Precise Mortgages, the specialist lender, will launch Income Supported Buy to Let next week, allowing customers with excess income to bridge the gap between the rent achieved by their property and the rent required to achieve the loan they want. This addition to its already extensive suite of products is designed to help mortgage intermediaries assist customers who may find themselves excluded from the buy to let market by the lending policies of high street lenders.
With no restrictions to product selection, Income Supported Buy to Let opens up the buy to let market to more customers who want to invest in property. It is available for purchase and remortgages, including capital raising, so customers who don’t want the additional administration of a limited company will have an alternative to help them get the loan they want.
Via its online portal, Precise Mortgages will give brokers the option to provide their customer’s income details and will present achievable loans based both on an ICR and combined ICR/income basis allowing the broker to select the best approach.
Alan Cleary, Managing Director of Precise Mortgages, said: “We believe that Income Supported Buy to Let will be a real game changer, particularly where customers are struggling to get the loan size they need. We have built this into our online systems so the sales process should be very slick.”
Danny Belton, Head of Lender Relationships at L&G Mortgage Club, added: “After what has been a tough year for the buy to let market, it’s great to see a lender such as Precise Mortgages recognising the challenges in the sector, and providing solutions for both mortgage intermediaries and their clients.”
For full details refer to Precise Mortgages’ website from Tuesday 5th December.