In addition, Precise has introduced an interest-only option across the whole near prime range, while self-employed customers who have been trading for two years will now only now need one year of accounts.
Alan Cleary, managing director of Precise Mortgages (pictured), said he hoped the changes would help stimulate self-employed mortgage applications.
He said: “It is a tough market for mortgage customers, but we are committed to finding ways to help borrowers who have been shunned by high street lenders.
“These changes will enable brokers to help more of their customers unlike high street lenders’ branches who, despite all the hype, only sell their employers mortgages.”
Dev Malle, sales and marketing director at Personal Touch, said: “Many self-employed clients have been disenfranchised since the market tightened. Many of these customers are good quality lending risks and it is important that Precise has recognised this and changed their criteria accordingly.”
