The move allows FTBs to access its Almost Prime and Near Prime range without any loan to value restrictions.
CML statistics show the numbers of FTBs are increasing as mortgage availability improves, however lower LTV restrictions for FTBs is still common place meaning the average loan is currently at 80% LTV.
With rates starting from 3.79% at 85% LTV, Precise Mortgages’ product range Precise said it believes its change of criteria will be a will be a welcome addition to the market.
The lender’s online mortgage system will give an instant decision and automatically find the cheapest products in the range to suit the customer’s credit score.
Alan Cleary, managing director of Precise Mortgages, said: “This is another enhancement to our Home Owner product range, which should help FTBs get their feet on the property ladder.”
Robert McCoy, senior product and communications manager at Sesame Bankhall Group, said: “We work closely with the team at Precise Mortgages and improving mortgage supply for FTBs has been high on our agenda.
“This improvement is good news for our members and their clients.”
