Two New Buy To Let Lenders Enter Market

Two new buy-to-let lenders enter the market

Two new players have launched into the buy-to-let market in recent months. The new lenders, called Aldermore and Precise Mortgages, both offer their deals solely through mortgage intermediaries. Aldermore is offering buy-to-let mortgages up to 7 5% loan to value (LTV), with two-year discounts from 4.98% and three and five-year fixed rates starting at 5.78%. It will also provide a number of discounted and fixed rate residential mortgages up to 80% LTV, and its base mortgage rate will be 4.98%.
Precise Mortgages only provides buy-to-let mortgages up to 7 5% LTV. Its products include a deal linked to the London Inter-Bank Offer Rate (LIBOR) with an initial rate of 5.89%, and a fee of 3% and an early repayment charge of 3% for 36 months.
It is also offering a two-year product at LIBOR plus 5.15%, with an initial

rate of 5.79%, a 2.50% fee and 3% ERC for 24 months, and a two-year LIBOR plus 5.35% deal, with an initial rate of 5.99%, a 2% fee and 3% ERC for 24 months*.
Ian Lonergan, chief executive of the Exact Group, which owns Precise Mortgages, said: `Over the last two years a fundamental mortgage shortfall has developed as lenders have exited the market, rebuilt their balance sheets, restricted their lending volume and focused on very low credit risks. `There is therefore a significant need for new lenders to bring new funding to the UK mortgage market. Precise Mortgages has access to funding and we will bring extra liquidity to the market. Others will hopefully follow our lead and over time will help fill the funding gap that is damaging the overall economy.`

*All rates correct at time of going to press.


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This entry was published on April 8, 2012 at 2:12 pm and is filed under Uncategorized. Bookmark the permalink. Follow any comments here with the RSS feed for this post.

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