New near prime range from Precise is unveiled

Monday 9th July 2012

Precise Mortgages, the specialist intermediary lender, has launched a near-prime mortgage range that is designed to help purchasers and landlords who are struggling to get a mortgage from a high street lender because of minor credit blemishes.

Options within the new Precise range allow defaults, CCJs and missed mortgage payments.
 
Alan Cleary, managing director of Precise Mortgages, said: “Hopefully, mortgage intermediaries will no longer have to turn away good customers because they may have a blip on their credit profile.

“Alongside our prime BTL products, this makes our product range very comprehensive.”

The range includes an 85% LTV option on ‘minor adverse cases’ from 6.69%; an 80% LTV buy-to-let product from 5.64% (tracker); and a 70% LTV buy-to-let product at 5.44% tracker.

The maximum BTL loan size for a near-prime borrower is £300,000.

The range is available through intermediary hub Brightstar Financial, whose CEO Rob Jupp said: “This new range is another significant step along the road to helping people get access to the type of borrowing they need.”

AToM (All Types of Mortgages) is also distributing the Precise deals. Dale Jannels, managing director at AToM, said: “We have worked closely with Precise Mortgages for some months and they certainly are a lender who listens and are at the forefront of product innovation.

“We’re also really impressed that Precise Mortgages have launched some near-prime BTL products. This is a gap in the market and these products will assist those enquiries that currently do not have a home.”