Precise Mortgages has launched a new range of residential mortgage products designed to support brokers seeking lending solutions for customers with less-than-perfect credit profiles, including those with CCJs, defaults and active DMPs.
The maximum LTV for customers with lower levels of recent adverse will increase to 85%, in addition, the lender will reintroduce its ‘tier 5’ widest acceptable adverse products for customers with higher levels of adverse and at a maximum LTV of 80%.
Key features of the range include:
- Two and five-year fixed rate options
- Available for customers with recent CCJs, defaults, secured and unsecured arrears as well as active and satisfied DMPs
- Refund of valuation on all products (“ideal for remortgages”, the lender says)
- Option to add fees
In addition, the residential mortgage range will also include the re-introduction of Right to Buy mortgage products, available at 90% and 100% of the discounted purchase price and available to customers with less than perfect credit profiles.
Adrian Moloney (pictured), group intermediary director, OSB Group, said: “This latest residential product offering from Precise Mortgages gives brokers and their customers the flexibility to access finance even in the most complex circumstances. The pandemic has undoubtedly left a mark on many customers who may be struggling to secure lending elsewhere and this range could provide a simple solution, especially for those with an impacted credit score.
“It’s good news for brokers too as our automated cascade system filters cases through our tiers until an appropriate product is found without the need to reapply.”
