Products for brokers improved by Precise Mortgages

Products for brokers improved by Precise Mortgages



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Specialist intermediary lender Precise Mortgages has announced its plans to launch a new and improved near prime home owner product range. 


Available from next week, the product range will feature a number of criteria changes that will enable more borrowers to qualify for a loan. 


Improvements include:

The numbers of defaults allowable in the last twelve months and the value allowable in the last two years have been increased and those over two years old will be disregarded; 

CCJs older than two years will be disregarded; 

The lender’s automated decision system has been revised to allow more borrowers to qualify;

Product choice has been improved with new two and three year fixed rates on offer as well as the option to have a cash-back and a refund of valuation on all products subject to a £500 increase in the product fee.

These changes to lending policy have been possible due to the exceptionally high quality of the mortgage book originated over the last eighteen months.

Alan Cleary, Managing Director of Precise Mortgages, said: “whilst the mortgage market may be in the doldrums we want to increase our lending over the coming twelve months and the changes we have made to criteria mean we will say yes to more borrowers.  We will also be making an announcement in a few days about a complete revamp of our BTL range and the launch of a near prime BTL product.” 

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