Precise Mortgages has made changes to its criteria on buy-to-let and near prime mortgages.
For all buy-to-let applications, the lender has removed its minimum income requirement. Borrowers will now need to provide three months’ bank account statements, which will guide the underwriter. Precise claims this will make it easier for brokers to help borrowers, some of whom may find it difficult to meet the minimum income hurdle required by most lenders.
Near Prime criteria has also been changed, with the maximum loan being increased from £300,000 to £500,000 in line with borrower demand.
“These changes are a common sense approach to underwriting which will allow good quality borrowers to obtain mortgages they otherwise may not have qualified for because of arbitrary rules,” said Alan Cleary, managing director of Precise Mortgages.
“We have considered these changes very carefully to ensure we continue to lend in a responsible and compliant manner and within our credit risk mandate.”
