Precise widens access to high LTV lending with new build focus

Precise has introduced higher loan to value limits on new build homes and expanded eligibility for borrowers with more severe credit issues.

Published on

Precise has announced a series of changes to its residential range as the specialist lender continues its overhaul of the proposition this year.

The latest updates include enhanced affordability measures, wider access for borrowers with adverse credit and improved options for new build buyers.

The lender has increased maximum LTV on new build houses and flats to 90%, with rates from 5.66%.

In addition, its 95% LTV products have been extended to adverse tier 4, subject to credit score, supporting borrowers with historic defaults or missed payments.

Precise said the changes aim to reflect both broker feedback and shifting borrower behaviour. Recent Moneyfacts data indicates that most first-time buyers are opting for loans at 90% LTV or above, underscoring demand for smaller deposit mortgages.

By opening its new build range to 90% LTV, Precise believes brokers will be able to help more customers take advantage of features associated with new homes, including improved energy efficiency and warranty protection.

Adrian Moloney

Adrian Moloney, group intermediary director at OSB Group, said: “Our latest residential improvements include options to make new build purchases more accessible and affordable as well as supporting clients who may have had credit blips.

“We understand that life is busy and in our view, a missed direct debit shouldn’t block the route to homeownership.

“We’ve also added a new range of 1-year fixed products, reduced rates for more customers with heavier adverse, and offer fee options of £0, 1%, or £995.

“It means that the wide ranging residential product range at Precise, offers practical solutions for brokers working hard to secure homeownership for their clients.”

Craig Hall, director of strategic partnerships at LSL Financial Services, added: “Over the last 18 months, we have seen several improvements with new build high LTVs, however specialist lender support has been lacking, it is therefore welcome news to see Precise step into this space.

“The increased LTV and affordability improvements illustrate Precise’s commitment to supporting the specialist residential sector and supporting homeownership aspirations.”

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

First-time buyer affordability remains strained despite narrowing house price gap

Only 12.1% of potential first-time buyers can afford the average starter home in their...

Royal London targets GP report delays with digital service

Royal London is expanding its use of digital medical evidence in an effort to...

Equifinance names Jackie Burchill as lending operations director

Equifinance has appointed Jackie Burchill as director of lending operations as the second charge...

House price-to-income ratio falls to 11-year low as mortgage costs rise

The gap between UK house prices and earnings has narrowed to its lowest level...

HSBC UK to examine Budget impact in intermediary economy webinar

HSBC UK will hold an economy webinar for mortgage intermediaries on 30 October, focusing...

Latest publication

Other news

First-time buyer affordability remains strained despite narrowing house price gap

Only 12.1% of potential first-time buyers can afford the average starter home in their...

Royal London targets GP report delays with digital service

Royal London is expanding its use of digital medical evidence in an effort to...

Equifinance names Jackie Burchill as lending operations director

Equifinance has appointed Jackie Burchill as director of lending operations as the second charge...