The product, which is only available through the lender's Premier Packager Panel and Brightstar, gives customers the option to remortgage or move house to clear their debt management plan.
Alan Cleary, Precise Mortgages managing director, said: “Precise Mortgages is renowned for breaking the mould and offering specialist lending solutions to borrowers in a different way to other lenders.
“We’ve designed this exclusive product which is available to Brightstar and our Premier Packager Panel as they are the best placed to put together cases such as these, which by their nature are more complex than normal mortgages.”
People currently on debt management plans and those who cleared their plans in the last three years can take out a loan to 75% loan to value, while customers who cleared their plans 36 months ago will be considered up to 85% LTV.
Clive Willson, business development director at Brightstar, said: “There are thousands of people who have either paid off a debt management plan or are in the process of doing so, but who are penalised because of this by being unable to re-mortgage or move house.
“The Precise Mortgages’ DMP mortgage available through Brightstar will help those borrowers overcome that hurdle”
