Precise Mortgages to remove select ranges; LendInvest to withdraw BTL fixed rates – round-up

The lender said all tier one, tier two and tier three core range products will be removed, along with all tier one, two and three debt management range products.

Precise added all Right to Buy and Help to Buy remortgage products will also be temporarily withdrawn.

Tier one and two ranges are aimed at borrowers with no defaults or county court judgments (CCJ) in the last 24 months and no missed mortgage or secured loan arrears in 12 months or one in the last 36 months.

Tier three allows two defaults in the last 24 months, one CCJ in the last 24 months and one missed mortgage or secured loan arrears in 12 months or three in the last 36 months.

The lender said new product ranges will be available soon.

The firm said to secure a product, brokers would need to fully submit applications before 8pm today and all minimum documents need to be uploaded by 5pm on 22 June.

Minimum documents include signed direct debit mandate, latest year’s accounts and tax calculation with tax year overview, one month from the latest two months’ payslips and the last three months’ personal bank statements.

Adrian Moloney, group intermediary director for OSB Group, said: “The market for pricing lending is obviously changing quickly and in-line with other lenders, we’ve made the decision to withdraw some products from Precise Mortgages to protect service levels and ensure our brokers get the support they need. We will be launching new ranges soon.”

LendInvest to withdraw BTL fixed rates

LendInvest is temporarily removing all buy-to-let fixed rates at 5pm today, although tracker products, including product switch will remain available.

According to a broker note, to keep current fixed rates for active deals in its system, decisions in principle (DIP) will need to be submitted to full mortgage applications in 48 hours.

It added that applications will have to be converted to offer within 14 days.