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Do you expect to see less or more second charge mortgage lenders in 2018?

Precise launches exclusive second charge BTL range

Rates are fixed for five years and start at 4.49% for LTVs of up to 60% with a maximum loan size of £200,000.

The new product will be available only to members of the Buy to Let Club.

Alan Cleary, managing director of Precise Mortgages (pictured above), said: “These products are designed to give mortgage brokers more flexibility when dealing with their clients’ financial needs.

“The pricing of the products is very keen and I expect them to be very popular.”

All products in the new range will be stressed at pay rate and offer the option to include landlords’ earned income in affordability assessments.

Ying Tan, managing director of Buy to Let Club, added: “As a business, we are seeing a rise in the number of brokers enquiring about second charge loans.

“This should come as no surprise, perhaps, as brokers seek more flexible borrowing options for their clients within the current lending climate.

“Enabling clients to retain existing mortgage rates makes [second charges] an attractive proposition for many, but the fact that they can be used to capital raise for many non-traditional purposes often comes as a surprise to brokers.”

Earlier this year, Precise announced the appointment of a new national sales manager for residential buy-to-let, second charges and bridging.

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