Specialist lender Precise Mortgages has revamped its new build residential and buy-to-let (BTL) mortgage products.
The changes mean that self-employed workers or people with a low credit score will have a better chance of securing a property.
The new build products will provide competition to high street banks and mainstream lenders.
Alan Cleary, Managing Director of Precise Mortgages, said: “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.
“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.”
Key changes to Precise Mortgages’ products are:
• A new build priority processing service to speed up application to offer timescales
• Up to 85% LTV with 5% builder deposits accepted
• Offers valid for 6 months with an option to request an extension for a further 3 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.
Precise said its new products will provide a more diverse range of options for brokers who are faced with a limited amount of alternatives for prospective home buyers rejected by high street lenders.
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