TMA Mortgage Club has teamed up with Precise Mortgages to launch an exclusive three-year fixed rate buy-to-let product for members of its mortgage club.
The new buy-to-let product, available at a borrowing rate of 3.65% up to 75% loan-to-value, comes with large portfolio limits for landlords with a maximum 20 properties collectively worth £5m with Precise, but there is no limit on the size of portfolios with other lenders.
The product, which offers loans up to £500,000, is available to individual and Limited Company landlords for both purchase and remortgage.
Rob McCoy, senior product and business manager at TMA, said: “We are delighted to offer our members access to a new buy-to-let product from Precise Mortgages, following the introduction of the new PRA changes.
“Not only is the deal competitively priced, but Precise Mortgages also offers portfolio limits higher than most other lenders, giving our members exclusive access to another strong product to offer their landlord clients.”
Despite the recent regulatory changes to the buy-to-let market, Precise Mortgages’ criteria has remained unchanged.
Richard Keen, head of key accounts at Precise Mortgages, commented: “Following our successful launch into portfolio buy-to-let we are delighted to be working alongside TMA to further promote this proposition to the club’s members.
“The ‘heavy lifting’ that we will manage will enable brokers to transition smoothly into this exciting area. This is a further example of how we look to support our key distribution partners with innovation and market leading products.”
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