Paradigm Mortgage Services now has access to a semi-exclusive buy-to-let product from specialist lender Precise Mortgages. Members of Paradigm are now able to access this two-year 2.89% fixed rate product, available up to 75% loan-to-value (LTV).
Loan-to-value refers to the financial term used by lenders to express the ratio of a loan to the value of an asset purchased. By banks and building societies, the term is used to represent the ratio of the first mortgage line as a percentage of the total appraised value of real property.
Available for a limited time only, this mortgage deal benefits from a reduced rate of 0.2% below Precise Mortgages’ standard product, a condensed fee of 1%, compared to 2% on its standard product.
Head of Paradigm Mortgage Services, John Coffield, reports: “Our close relationship with lenders allows us to secure access to market-leading products on both an exclusive and semi-exclusive basis, so we are pleased to be able to offer this Precise Mortgages deal to our member firms.
“It [the mortgage deal] comes with a very competitive rate and fee – both reduced from the lender’s standard offering – and should stack up well for advisers looking for a quality deal,” he added. “As mentioned, it will only be available for a limited time so Paradigm members are advised to act quickly if they believe this deal is suitable for their landlord clients.”
This product has attached with it, a reversion rate of 5.5% and Expense and Cost Recovery System (ERCs) of 4% in year one and 3% in year two.
Alan Cleary, Managing Director of Precise Mortgages, commented: “This new buy-to-let product will help provide an alternative choice for customers who are looking to benefit from lower up-front costs and monthly repayments.
“We’re pleased to support Paradigm in offering this shared exclusive and are confident it will be well received by its advisers and customers alike.”