Precise Mortgages has confirmed that it will now lend against new-build properties, with up to 85% loan-to-value. It will also accept builder deposits of 5% with mortgage offers valid for six months with a three-month extension.
Precise has also incorporated a specialist processing team to speed up the interval between application and offer times in the new build category. This is something that Halifax has been doing for over 15 years.
Remodelled criteria also means that Precision will accept new built apartments with commercial establishments on the ground floor, and its list of accepted new build warranty types has been expanded.
The maximum number of storeys supported is now 20 (up from 15), and Section 106 Planning Obligations are also going to be considered.
This newly accepted range is available for near-prime borrowers.
Precise Mortgages managing director Alan Cleary said that he doesn't consider it fair that people who are self-employed or have minor credit issues find it extremely challenging to obtain a new build mortgage. This is why the company works to serve the needs of those overlooked by mainstream lenders while continuing to expand its product range.
These new policies were brought in after Kevin Beale was appointed national sales manager of new build earlier in 2015.
Established in May 2010, Precise Mortgages states on its corporate website that its mission is to support aspiring homeowners and buy-to-let entrepreneurs by widening the criteria for mortgage approvals. Technology-driven and award-winning underwriting and credit risk management procedures make enable Precision to be more expansive in its loan and mortgage approvals.
Precise residential mortgage products have been designed as a viable alternative to traditional high street lenders. First time buyers, new build purchases, self-employed customers, and applicants with less than perfect credit are all considered and accommodated.