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Precise to relax near prime range criteria

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  • 28/06/2012
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Precise to relax near prime range criteria
Precise Mortgages the specialist intermediary lender announced plans to relax criteria on a near prime range launching next week.

Changes include increased numbers of defaults in the last 12 months and value of adverse credit over two years with County Court Judgments and defaults over two years old disregarded.

The lender’s automated decision system has also been revised, which Precise said will allow more borrowers to qualify.

The lender plans to introduce two and three-year fixed rates as well as the option to have a cash back and a refund of valuations on all products subject to a £500 increase in the product fee.

Alan Cleary, managing director of Precise Mortgages, said: “Whilst the mortgage market may be in the doldrums we want to increase our lending over the coming twelve months and the changes we have made to criteria mean we will say yes to more borrowers. We will also be making an announcement in a few days about a complete revamp of our BTL range and the launch of a near prime BTL product.”

In the first six months of the year, the lender also said it has received 961 Approvals in Principle (AIPs) worth £342,270,000 and 288 applications totalling £61,351,000.

The lender, which launched into the bridging market 12 months ago, has been campaigning for transparency and ultimately FSA regulation of the residential bridging market, wanted to thanks its brokers and distributors.

Cleary said: “We always remember they have a choice and we strive to make our proposition market leading.”

Sister-company Exact, the mortgage servicing business, offers a due diligence arm which has assessed over £6.3bn of mortgages across 46,000 mortgage accounts in twenty four individual projects since launch, said Cleary.

Exact’s primary and special servicing clients have passed the £1bn funding threshold in the next few months, including both first and second charge mortgages across over 15,000 mortgage accounts.

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