The changes to Precise's new build and buy to let lending policy will benefit those who do not pass a high street lender’s credit score check, as well as landlords who are buying a new build property.
Key changes to Precise Mortgages proposition include:
- New Build Priority Processing Service introduced to speed up application to offer timescales
- Up to 85% LTV with 5% builder deposits accepted
- Offers valid for 6 months with an option to request an extension for a further 3 months
- Lending on new build flats with commercial premises on the ground floor
- Revised list of acceptable new build warranty types
- Section 106 Planning Obligations considered
- Maximum number of storeys increased from 15 to 20
Alan Cleary, Managing Director of Precise Mortgages, said:
“Earlier this year, our appointment of Kevin Beale as National Sales Manager of New Build, signalled our commitment to developing a compelling specialist new build lending proposition. It simply doesn’t make sense that people who have a minor blemish on their credit record or are self-employed find it extremely difficult to secure a new build mortgage. This is why we strive to support the needs of those left underserved by mainstream lenders and continue to develop out product range and proposition.”
