Precise alters criteria

Published on

Precise Mortgages

Precise Mortgages has made changes to its criteria on buy-to-let and near prime mortgages.

For all buy-to-let applications, the lender has removed its minimum income requirement. Borrowers will now need to provide three months’ bank account statements, which will guide the underwriter. Precise claims this will make it easier for brokers to help borrowers, some of whom may find it difficult to meet the minimum income hurdle required by most lenders.

Near Prime criteria has also been changed, with the maximum loan being increased from £300,000 to £500,000 in line with borrower demand.

“These changes are a common sense approach to underwriting which will allow good quality borrowers to obtain mortgages they otherwise may not have qualified for because of arbitrary rules,” said Alan Cleary, managing director of Precise Mortgages.

“We have considered these changes very carefully to ensure we continue to lend in a responsible and compliant manner and within our credit risk mandate.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...

£1 billion lost annually as 50,000 London social homes used fraudulently

A shocking new report reveals that around 50,000 social housing properties in London are...

Other news

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...