"Our automated cascade system filters cases through our tiers until an appropriate product is found without the need to reapply."
As part of the launch, the maximum LTV for customers with lower levels of recent adverse will increase to 85%, in addition, the lender will re-introduce its 'tier 5' widest acceptable adverse products for customers with higher levels of adverse and at a maximum LTV of 80%.
The range will include two and five-year fixed rate options for customers with recent CCJs, defaults, secured and unsecured arrears as well as active and satisfied DMPs.
Precise will also refund the valuation on all products and offer the option to add fees.
As an additional enhancement, the residential mortgage range will also include the re-introduction of Right to Buy mortgage products, available at 90% and 100% of the discounted purchase price and available to customers with less than perfect credit profiles.
Adrian Moloney, intermediary director at OSB Group, said: “This latest residential product offering from Precise Mortgages gives brokers and their customers the flexibility to access finance even in the most complex circumstances. The pandemic has undoubtedly left a mark on many customers who may be struggling to secure lending elsewhere and this range could provide a simple solution, especially for those with an impacted credit score.
“It’s good news for brokers too as our automated cascade system filters cases through our tiers until an appropriate product is found without the need to reapply.”
Danny Belton, head of lender relationships at L&G Mortgage Club, commented: “This is a welcome announcement from Precise Mortgages and a real boost to our customers who may have less-than-perfect credit through no fault of their own. As a broker, it’s a great feeling to be able to secure finance that supports a customer’s individual needs and helps take the pressure off them.”
