Changes to its lending policy mean the self-employed or people who simply do not pass a high street lender’s credit score check have a better chance of securing a property. The changes also benefit landlords who are buying a new build property, as many of the conditions apply to buy to let as well as residential lending.
Amongst other changes, the lender has introduced a New Build Priority Processing Service to speed up the timescale of application to offer; allows the option to request an extension of 3 months on offers; has revised the list of acceptable new build warranty types; increased maximum storeys from 15 to 20; and now accept up to 85% LTV with 5% builder deposits. It will also now consider Section 106 Planning Obligations.
Alan Cleary, Managing Director of Precise Mortgages says:
“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.”
