"Where circumstances change during an application, including shifts in available rates, brokers need a lender that can respond."
- Emily Hollands - Precise
Precise has supported two borrowers in completing the purchase of their new home at 95% loan-to-value (LTV). This was despite the borrowers’ complex credit history and their previous lender changing rates at the last minute, even though the initial application had been submitted.
The case was introduced by Will Mason at Masons IFA in Shrewsbury on behalf of clients with historic adverse credit, including several satisfied defaults. While no new credit issues had arisen in the preceding 12 months, options at higher LTVs remained limited, despite the profile showing signs of improvement.
The application was initially placed elsewhere, but following a rate change on the agreed product after submission, the broker reviewed alternative options and approached Precise.
At initial assessment, the case was accepted based on the applicants’ credit profile. As further information was provided during underwriting, including clarification of address history, Precise reassessed the application and improved the outcome to reflect a more complete view of the clients’ circumstances, resulting in a more affordable solution for the borrowers.
Emily Hollands, group head of intermediary sales and distribution at Precise, said: "Where circumstances change during an application, including shifts in available rates, brokers need a lender that can respond. By looking beyond headline credit events and understanding the full picture, we can help keep purchases on track, particularly for borrowers with more complex credit histories."
Will Mason, managing director at Masons IFA, said: "From the outset, this was a challenging case at 95% LTV, and when the original deal changed mid-process, it left the clients needing a new solution quickly. Precise took the time to review the detail and reassess the case, helping secure an outcome that allowed the purchase to proceed, and at a more affordable rate for the borrowers."
