Your guide to Precise for intermediaries

Mortgage brokers must have good connections with credible and well-established mortgage lenders such as Precise for intermediaries. Read this guide to know more

By Kath Villamayor

16 Oct 2024

Contents

Get to know Precise for intermediaries
Precise for intermediaries’ mortgage products and services
Why choose Precise for intermediaries

There are numerous home loan providers in the United Kingdom such as commercial banks and traditional mortgage lenders. Many of these lending companies have intermediary-only platforms that are created for the exclusive use of intermediaries or mortgage brokers. They can evaluate the mortgage products and services offered by these lenders and use their tools.

Intermediaries can also assess if any of these offerings suit the preferences and needs of their clients. If you are an aspiring mortgage broker or already working as one, it is beneficial to connect with trustworthy mortgage lenders. Select those that are not only credible but also have the years of experience to back up their reputation—just like Precise for intermediaries.

Curious to find out more about this lender?

In this article, Mortgage Introducer will explore everything you need to know about Precise for intermediaries. We will discuss how they can help their partner brokers through their home loan products and services. Read on to find out if this is the right lender for you and your clients.

Get to know Precise for intermediaries

Precise Mortgages is a trading name of Charter Court Financial Services Limited which is authorised by the Prudential Regulation Authority (PRA). This lender is regulated by both the PRA and the Financial Conduct Authority (FCA). Precise for intermediaries is registered to operate in England and Wales.

How can Precise Mortgages help intermediaries?

Intermediaries who want to work with Precise Mortgages are guaranteed to get exceptional service and competitive mortgage products for their clients. Precise for intermediaries’ online portal is designed for easy navigation and access to essential tools and resources.

For instance, they provide online calculators that intermediaries can use to compare Precise Mortgage’s home loan offerings’ features and rates.

Affordability calculator

Similar to other lenders with intermediary-only platforms in the UK, Precise Mortgages has an affordability calculator that is available on their website. Intermediaries can use this tool to find out how much their clients should prepare as well as the amount that they can borrow to buy a property.

Precise for intermediaries has not just one, but five calculators. Check out the other four below:

Residential Calculator
Buy to Let Calculator
Refurbishment Buy to Let Calculator
Bridging Calculator

You can compare the factors below regarding Precise for intermediaries’ mortgage products when you use their assistive calculators:

maximum loan-to-value (LTV) ratio
minimum loan amount
interest rate
reversion rate
product fee

Precise for intermediaries’ mortgage products and services

Precise for intermediaries has numerous home loan products for different types of clients and their circumstances. Eligible applicants such as first-time home buyers and portfolio landlords can apply for these mortgage offerings through their intermediaries.

Are you a mortgage broker who is looking for the best home loan for your clients? You can review Precise Mortgage’s products and see if any of them fit your client’s needs:

Residential mortgage
Help to Buy mortgage
Right to Buy mortgage
Buy to Let mortgage
Refurbishment Buy to Let mortgage
Bridging loans
Product transfers

Let us discuss each of Precise for intermediaries’ mortgage products one by one:

1. Residential mortgage

Precise for intermediaries offers residential mortgages for aspiring homeowners. They have limited edition rates at 5.19% and core rates at 5.29% with up to 75% loan-to-value (LTV) ratio. This is perfect for home loan applicants who want to borrow £125,000 to £2 million for their mortgage. Residential mortgages are suitable for:

home movers
remortgage applicants
new build purchases
first time buyers

If you have clients who are looking for an alternative to high street lenders and those with adverse credit history, choose to apply for Precise for intermediaries’ residential mortgages. The same is true for self-employed clients with only one-year accounts.

2. Help to Buy mortgage

This next mortgage product is best for clients who have adverse credit history and those who wish to buy new properties. It is also ideal for existing Help to Buy clients of Precise for intermediaries who are looking to remortgage. As for the mortgage rate, it starts from 6.39% with up to 75% LTV ratio.

Precise for intermediaries will accept new purchase applications on their Help to Buy Wales scheme. For remortgage applicants, they will allow those who will apply for the following schemes:

Help to Buy England
Help to Buy Scotland
Help to Buy Wales

Watch this video to learn more about Help to Buy mortgage:

Precise for intermediaries has many property loan options to choose from if you decide to try their services. Newbie mortgage brokers as well as the top mortgage intermediaries in the UK can expect that Precise Mortgages will provide straightforward solutions for your clients’ mortgage needs.

3. Right to Buy mortgage

For home loans that are valued at loans from £25,001 to £1 million, Precise for intermediaries offers their Right to Buy mortgage. Here are some of the highlights and features of this mortgage type:

rates start at 6.39%
up to 100% discounted purchase price
historic adverse accepted

Precise for intermediaries’ Right to Buy product range is ideal for clients who want to purchase their social housing property. However, this mortgage is available only for purchase of houses in England.

4. Buy to Let mortgage

The Buy to Let property loan range under Precise for intermediaries is best for:

first-time landlords
experienced landlords
Consumer Buy to Let applicants

This mortgage product is divided into two product ranges:

Personal Ownership Landlords
Limited Company Landlords

Personal Ownership Landlords

This is for landlords who plan to purchase a new property or those who want to remortgage an existing one. Rates start at 4.24% with up to 80% LTV ratio.

Limited Company Landlords

This Buy to Let product range has the same features as the first one; however, top slicing is available.

5. Refurbishment Buy to Let mortgage

Precise for intermediaries’ Refurbishment Buy to Let product range has two stages:

Stage 1: A bridging loan that will need to be repaid at the end of its term when the refurbishment works have been completed.
Stage 2: A Buy to Let loan to be used to repay the bridging loan including any additional funds that the client wished to borrow at that time.

This mortgage product is ideal for client-landlords who are planning to change the use of a garage or loft space to a habitable room. It is also suitable for those who want to change the use of a residential property to, or from, a small multiple occupation (HMO) with up to six lettable rooms.

For properties that are bought at auction and require light refurbishment, intermediaries can apply for Precise Mortgage’s Refurbishment Buy to Let mortgage.

6. Bridging loans

Precise for intermediaries also offers bridging loans with Standard and Tier 1 Refurbishment plus Tier 2 Heavy Refurbishment schemes. Watch this clip for more on bridging loans:

Intermediaries like those listed in our special report on the best mortgage brokers in the UK can help their clients learn what this type of mortgage is and if it suits their needs.

Standard and Tier 1 Refurbishment

Precise Mortgages offers this product with rates at 0.69% and up to 75% LTV ratio. There is also no maximum loan amount required. This is best for portfolio landlords who want to make a quick purchase as well as other clients who are:

applying for chain-break finance
applying for cash flow funding for short term requirements
buying property at auction
meeting tight transaction deadlines

Tier 2 Heavy Refurbishment

This product is offered by Precise for intermediaries to clients who want to apply for a bridging loan for the following types of properties:

extensions
loft conversions
barn conversions
single unit to multi-unit properties
multi-unit to single unit properties
conversion of a commercial unit into a maximum of four flats
multi-unit properties currently at 'wind and water tight' stage that require completion

The Tier 2 Heavy Refurbishment product range is also suitable for landlords looking to change the use of a residential property to an HMO with up to 10 lettable rooms. The same is true for landlords who want to change the use of a residential property to a maximum of six flats.

Precise for intermediaries requires an acceptable new home warranty for their Tier 2 Heavy Refurbishment product range.

When to use Precise Mortgage’s Tier 2 Heavy Refurbishment product range

Regulated Bridging Finance can be used for almost any purpose, except in situations where the client wants to raise finance by way of a second charge and the bridging loan is for business use. Precise for intermediaries offer their Non-Regulated Bridging Finance product range for such purposes.

7. Product transfers

Product transfers are also available when you partner with Precise for intermediaries. They feature product transfers for Buy to Let mortgages with rates at 4.79% and residential mortgages with rates at 5.99%. This service is best for existing clients whose mortgage product is due to about to end.

To know the difference between a remortgage and product transfer, watch this video to find out:

Why choose Precise for intermediaries

Precise Mortgages is, without a doubt, a good mortgage provider to work with. Intermediaries who will choose to partner with them will get to enjoy award-winning service along with tailor-made mortgage solutions for their clients. Creating a strong connection with well-established mortgage companies like Precise Mortgage can help you take your career to the next stage.

If you choose to work with Precise for intermediaries, you will have access to more tools and guides aside from the ones on their exclusive-for-intermediary website. You will be able to track your mortgage applications easily once you register online.

These are just some of the many benefits that they have in store for their intermediary partners. If you decide to try their services, they might prove to be the right home loan provider for you and your clients.

Still, if you think that Precise for intermediaries is not the best fit, you can check out other mortgage lenders. Just be sure to select the ones with intermediary-only platforms. To help you with this, here are other guides to lending companies that you might be interested in:

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Your guide to Precise for intermediaries

Get to know Precise for intermediaries