Mortgage lenders are continuing a mix of cutting rates and changing criteria in a bid to woo buy to let investors.

Precise has made a number of changes across its buy to let product range, including reduced rates starting from 4.49% and new fee products. 

The enhancements are designed to offer a more competitive range whilst helping to increase the borrowing capacity of landlords.

Highlights include the reintroduction of Tier 1 products at 70% & 75% LTV with reduced paperwork for eligible borrowers and options for HMOs, MUFBs and limited companies; plus the expansion of Tier 2 & 3 products up to 80% LTV with two and five-year fixed options, expanding the allowable adverse at higher LTVs.

A spokesperson for Precise says: “As well as reducing rates, we’ve widened our acceptable criteria on buy to let properties with all three tier products which strengthens Precise’s offering within the buy to let market.”

Meanwhile the Mansfield Building Society has extended the range of property types on its buy to let product range to include flats of up to 10 storeys. 

The changes improve on the previous maximum allowance of four storeys and the improvements includes flats over commercial units and city centre flats, which will be underwritten on the same terms.

Flats are available up to a maximum of 90% LTV for residential and 75% LTV on BTL with new build flats (less than 12 months old) available at a lower LTV of 85% for residential and 70% LTV for BTL. 

A spokesperson comments: “Mansfield Building Society is already well-known for our wide-ranging criteria that supports unconventional circumstances, whether it’s income, credit history, capital raising, debt consolidation and more. Increasing the number of storeys for flats extends our appeal, particularly in cities, where high-rise blocks are an essential part of the property mix. We’re looking forward to offering our flexible lending approach to even more borrowers.”