Precise Mortgages has made changes to its new build residential and buy-to-let mortgage proposition.
New build and buy-to-let lending policy changes now mean that 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 lender also said that 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.
Key changes to Precise Mortgages’ proposition are:
- 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 six months with an option to request an extension for a further three 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.
“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,” explained Alan Cleary, managing director of Precise Mortgages.
“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.”