Precise Mortgages is to launch Income Supported Buy to Let on 5 December, allowing customers with excess income to bridge the gap between the rent achieved by their property and the rent required to achieve the loan they want.
The specialist lender said the move is designed to help mortgage intermediaries assist customers who may find themselves excluded from the buy-to-let market by the lending policies of prime lenders.
It is available for purchase and remortgages, including capital raising.
Via its online portal, Precise Mortgages will give brokers the option to provide their customer’s income details and will present achievable loans based both on an ICR and combined ICR/income basis allowing the broker to select the best approach.
Alan Cleary (pictured), managing director of Precise Mortgages, said: “We believe that Income Supported Buy to Let will be a real game changer, particularly where customers are struggling to get the loan size they need. We have built this into our online systems so the sales process should be very slick.”
Danny Belton, head of lender relationships at L&G Mortgage Club, added: “After what has been a tough year for the buy to let market, it’s great to see a lender such as Precise Mortgages recognising the challenges in the sector, and providing solutions for both mortgage intermediaries and their clients.”