In this brief guide, we discussed the precise mortgage lending criteria.

Precise Mortgages are a UK mortgage lender who provides residential mortgages, buy to let mortgages, bridging and second charge loans, which are all provided through brokers.

Precise mortgages lending criteria – residential

If you are a customer looking to get a precise residential mortgage then the criteria are as per below.

The lending criteria below applies for new build properties, self-employed borrowers, borrowers with bad credit and first-time buyers.

To see a more detailed guide on residential mortgages, Click here.Please note these files are made for the intermediary market.

Lending criteria

  • 5 year fixed rate products help customer affordability by not applying a stress rate
  • Up to 85% LTV
  • Maximum term of 35 years
  • Debt Management Plans accepted as an ongoing commitment on selected products
  • Plus we have a great range of new build products

This is for:

Bad credit borrowers

  • Remortgage customers
  • Customers buying New Build properties
  • First time buyers 
  • Self-employed with only 1 year’s accounts or Tax Overview with either SA302 or HMRC tax Calculation

To view more about the criteria, Click here to view the residential mortgages criteria guide.

Precise mortgages lending criteria- Buy to let

If You’re looking for a buy to let mortgage and you are a portfolio landlord, limited company, looking at HMOs or even a first time buyer or  landlord

You can view a more detailed criteria guide by Clicking here .Please note this document is for intermediaries.

Top slicing is also now available across the entire Buy to Let product range

Lending criteria

  • Holiday Let and Multi-Unit properties now accepted.
  • Rental cover – ICR: based on individual circumstances
  • Rental cover – Assessment rate:
    • Higher of pay rate + 2%, or revert rate (minimum 5.50%) for shorter term Fixed and Tracker products
    • Pay rate for 5 year + Fixed rates (additional underwriting may be required)
  • 5 year fixed rate products that help maximise the loan size available
  • Minimum property value of £50,000 (excluding London and HMO properties)
  • Maximum term of 35 years
  • Maximum age at application 80 years
  • 2 and 5 year fixed rate products

Click here to see more information about our Limited Companies and Houses in Multiple Occupation (HMO) range.

Key criteria

Click here to view the buy to let mortgages criteria guide for further information.

Who is this for?

  • landlords with high quality properties with a low rental yield
  • experience or retired landlords looking to extend their portfolio
  • self-employed landlords with 1 year’s accounts
  • landlords looking to purchase a new build property
  • first-time landlords
  • first time buyer landlords
  • consumers buy to let

In this blog, we have discussed the Precise mortgages lending criteria. Please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.