Helping brokers take on adverse credit during adverse times

By Liza Campion, Head of Corporate Accounts

With Prime Minister Boris Johnson’s recent announcement that all legal lockdown restrictions will hopefully end on Monday 19 July, it finally feels as though things are starting to get back to normal and life can start to get back to what it was before the pandemic.

The news gives us all a real sense of optimism, especially following the challenges we’ve faced and the sacrifices we’ve made during the past year or more.

I’m also pleased to say that after proudly keeping the specialist lending flag flying, throughout some of the most challenging conditions I can remember, things are also getting back to normal here at Precise Mortgages.

With that, I’m delighted to announce that we’ve relaunched higher LTVs across our residential mortgage range, and reintroduced adverse credit criteria for customers with a less-than-perfect credit history.

With house prices at record levels and with the Stamp Duty holiday now tapering out, this is great news for brokers looking to help their customers secure the residential mortgage they need.

There’s also the added benefit of being able to offer higher LTV limit to applicants who may be struggling to find a mortgage on the high street.

So what changes can you expect?

Whatever a customer’s situation, our new residential offering could provide the most appropriate solution.

Our aim has been to bring our product offering back in line to how it was before the pandemic. We now have maximum LTVs of up to 85% for customers with historical adverse credit (up from 75%), while those with more recent blips can choose from products with up to 80% LTV.

Here are some of the key highlights from the new range, including the types of adverse accepted:

  • Loans available up to £1m
  • Refund of valuation (max £630)
  • Reintroduction of automated cascade process
Acceptable adverse Prime: Tiers 1 and 2 Almost Prime: Tiers 3 and 4
Defaults 0 in 24 months 2 in 24 months (max £1,500 in 12 months, unlimited thereafter)
CCJs 0 in 24 months 1 in 24 months (max £1,00 in 12 months, or £2,500 in 24 months)
Missed mortgage/secured loan arrears 0 in 12 months, 1 in 36 months (worst status) 1 in 12 months, 3 in 36 months (worst status)

Get in touch today

We’re constantly challenging ourselves to provide simple specialist solutions for you and your customers, offering more choice to match their borrowing needs.

We’re proud of delivering five star service, and will continue providing the best service possible in the future, delivering consistent underwriting decisions, and offering products to support your clients’ goals.

If you’d like to find out more about our range of residential mortgages, visit our website, speak with a member of our sales team or call our dedicated support service on 0800 116 4385.

Get in Touch