Precise, a lender under the OSB Group umbrella, has announced significant enhancements to its buy-to-let mortgage offerings. One of the headline changes is the reduction in mortgage rates for Tier 1 buy-to-let properties. If you’re looking to invest or already own a rental property, Precise’s announcement means you could see a drop in your mortgage rates—specifically, a 0.50% decrease for those with an 80% loan-to-value (LTV) ratio. This reduction could translate to significant savings over time, making your investment even more profitable.

Expanding Options for Adverse Credit Cases

Recognising the hurdles faced by many would-be landlords with less-than-perfect credit histories, Precise has reintroduced Tier 2 and Tier 3 buy-to-let products. These options start from a 5.19% interest rate and are tailored for individuals who have encountered financial difficulties previously. This move not only broadens the horizon for property investment but also reinforces Precise’s commitment to supporting a wider range of financial backgrounds.

A Response to Growing Financial Strains

Adrian Moloney, Group Intermediary Director at OSB Group, said, “These buy to let changes reflect the challenges that UK Finance highlighted in their Q4 results which showed that a percentage of landlords as well as homeowners were struggling with their finances. As well as reducing rates, we’ve widened our acceptable adverse criteria on buy to let properties with Tier 2 and Tier 3 products which firmly establish Precise’s position as a specialist adverse lender.”