Alan Cleary

Precise to launch income supported BTL

Specialist lender Precise Mortgages is set to launch income supported buy-to-let next week.

This will allow 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.

The product has been designed to help mortgage intermediaries assist their clients who may find themselves excluded from the buy-to-let market by the lending policies of prime lenders.

Income supported buy-to-let has no restrictions to product selection, which opens up the market to more customers who want to invest in property.

It can be used for purchases 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.

Precise Mortgages will offer brokers the option to provide their customer’s income details through its online portal and will present achievable loans based on both an ICR and combined ICR/income basis allowing the broker to choose the most suitable approach.

Alan Cleary, managing director of Precise Mortgages (pictured above), 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.”

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