Precise now accepts top slicing on all eligible personal ownership, HMO, limited company, portfolio, and holiday and student let applications. But the first time buyers are excluded.
Managing director of Precise Mortgages, Alan Cleary, said: “In a challenging market, we’re always thinking of new ways to help more customers get the buy-to-let mortgage they want and optimise their investment opportunity.
“By making our top slicing feature available across our entire buy-to-let range it creates greater access to our 2-year fixed rate products, therefore opening up options to more customers, particularly those who might have been restricted by ICR requirements in the past.”
Now customers will be able to use surplus portfolio or earned income to demonstrate that they could meet any financial stresses on their new property application, rather than through the rental income of that property alone.
This step can help to unlock its range of 2-year fixed rate buy-to-let mortgages, in addition to its 5-year fixed rate products, to potentially give customers access to a wider range of products.
The lender has also rationalized the application process by reducing the number of questions brokers have to provide answers for, as well as enhancing its online buy-to-let calculator.