Buy to Let - Portfolio Landlord

Overview

Here at Precise Mortgages we’re keeping our portfolio process simple to save you time. Our dedicated Portfolio Team will key the additional information the new underwriting rules call for on to our system for you.

You can use our simple forms, the landlord’s forms, or even another lender’s forms to provide details of:

Making it easier

Improved! We have reviewed our portfolio process and reduced the number of Portfolio landlord forms we need from three to two, making it even easier to submit portfolio applications to us. Our forms are designed to give us all the information we need but we can accept this information in any format.

Click here to view our Buy to Let Mortgage submission guide. This document has been designed to help provide a smooth application process for you and your customer.

Highlights

  • No changes to our DIP or application system
  • Our Portfolio Team inputs the existing property portfolio details for you. Any missing information is followed up with a phone call
  • The portfolio assessment is valid for 12 months to make subsequent applications easier (where information is still up to date)
  • Our online Portfolio calculator provides an indicative assessment against our lending criteria before you submit an application

Our criteria hasn’t changed:

  • Up to 20 buy to let mortgages to a combined value of £10m with Precise Mortgages
  • No limit on size of existing portfolio
  • Licensed and unlicensed HMOs accepted up to 8 bedrooms with separate ASTs
  • No limit on the number of director dependant shareholders under the age of 21 for Limited Company applications
  • Bespoke ICR calculations on new applications to reflect the landlord’s tax position

LIBOR Trackers and the Reversion Rate

LIBOR Trackers and the reversion rate are variable rates that are linked to 3 month LIBOR and will change quarterly on 12 March, 12 June, 12 September, 12 December. Please note if this date falls on a non-working day then the LIBOR rate will be taken on the previous working day.

All of our LIBOR tracker products have a floor. This means that if LIBOR were to fall to 0.00% or less the rate payable will be 0.00% plus the agreed set percentage above LIBOR. This means that the rate payable will never go below 0.00% plus the additional percentage rate of the tracker mortgage.

For intermediary use only
BBR 0.75% / 3 month LIBOR 0.85%