The range of near prime products includes 2-year capital and interest repayment trackers, capped and fixed rate loans starting from just 4.79%. The maximum loan to value is 80% with a 75% LTV cap on flats and apartments.
Products are only available to borrowers with a clear credit record for three months prior to application and Precise Mortgages says it is looking for mature borrowers with substantial deposits and robust affordability.
The lending approach includes rigorous income and affordability tests.
Alan Cleary, managing director of Precise Mortgages, said: “We have launched an extensive range of products to meet the needs of UK borrowers in response to feedback from the broker market.
“Precise Mortgages is aiming to become the lender of choice for brokers who have cases that do not fit current high street criteria. The extent of our range and the speed of our mortgage platform mean a decision in principle will be given in minutes reducing the need for brokers to try multiple lenders or pass the case to a packager.”
Dev Malle, sales and marketing director of Personal Touch FS, added “It is great to see Precise Mortgages leading the field and we now have a real alternative for those borrowers being disenfranchised by high street lenders.
“What’s even better is that the range is only available via intermediaries which gives us a competitive advantage against bank based mortgage advisers. I believe advice is a key differentiator for intermediaries and access to these products will highlight further that if consumers want independent advice and access to the whole range of products and lenders, there is really only one option.
“Precise Mortgages is showing that you can lend responsibly in the near prime arena and its comprehensive product range provides choice to meet the needs of a significant group of good borrowers.”
