Precise has completed a 95% loan-to-value mortgage for two borrowers with historic adverse credit after stepping in when their original lender changed rates during the application process.

The case was introduced by Will Mason at Masons IFA in Shrewsbury on behalf of clients with several satisfied defaults on their credit records. Although there had been no new credit issues during the previous 12 months and their financial profile had improved, mortgage options at 95% LTV remained limited.

The application had initially been placed with another lender. However, after the lender changed the rate on the agreed product following submission of the application, Mason reviewed the market and approached Precise for an alternative solution.

Following its initial assessment, Precise accepted the case based on the borrowers’ credit profile. During underwriting, additional information, including clarification of the applicants’ address history, enabled the lender to reassess the application and offer improved terms, resulting in a more affordable mortgage.

Emily Hollands, group head of intermediary sales and distribution at Precise, said: “Where circumstances change during an application, including shifts in available rates, brokers need a lender that can respond.

“By looking beyond headline credit events and understanding the full picture, we can help keep purchases on track, particularly for borrowers with more complex credit histories.”

Will Mason, managing director at Masons IFA, said: “From the outset this was a challenging case at 95% LTV, and when the original deal changed mid-process, it left the clients needing a new solution quickly.

“Precise took the time to review the detail and reassess the case, helping secure an outcome that allowed the purchase to proceed, and at a more affordable rate for the borrowers.”