Specialist Lender Precise Mortgages updates Homeowner Bad Credit Mortgage Products and Criteria
It’s a busy day of changes for Precise Mortgages and it appears that they have a significant appetite to lend with it’s launch today into the near prime buy to let arena and they have also improved criteria and products for it’s homeowner residential bad credit mortgages.
Although credit score is obviously higher with just 15% deposit, the following criteria and products are available:
Adverse criteria:
- 85% LTV offered with 2 year fixed rates at 6.39%. (2 year tracker available from 4.94% at 70% LTV) Defaults – 0 in 24 months, CCJ’s – 0 in 24 months, Arrears 0 in 12 months but 3 in 36 months
- 85% LTV offered with 2 year fixed rates at 6.69%. (2 year tracker available from 5.24% at 70% LTV) Defaults – 0 in 12 months, 2 in 24 months (Max £1,500), CCJ’s – 0 in 12 months, 1 in 24 months (Max £1,000), Arrears 0 in 12 months but 3 in 36 months
- 85% LTV offered with 2 year fixed rates at 7.19%. (2 year tracker available from 5.74% at 70% LTV) Defaults –2 in 24 months (Max £1,500 up to 12 months, max £5,000 13-24 months), CCJ’s – 1 in 24 months (Max £1,000), Arrears 0 in 12 months but 3 in 36 months
- 85% LTV offered with 2 year fixed rates at 7.69%. (2 year tracker available from 6.24% at 70% LTV) Defaults –2 in 24 months (Max £1,500 up to 12 months, unlimited thereafter), CCJ’s – 1 in 24 months (Max £2,500), Arrears 1 in 12 months but 3 in 36 months
They are also offering a refund of valuation & £250 cashback on completion on products up to 80% loan to value.
Minimum loan size is £25,001 and max loan is £300,000 on standard range. Minimum age is 25 and max age at the end of the mortgage is 65. Mortgages are available to purchase properties in England, Scotland & Wales with certain postcode restrictions in Scotland. Interest only is only allowable up to 75% loan to value with suitable repayment vehicle. Flats and apartments are also restricted to a maximum 75% loan to value but they will not lend on any ‘new build’ properties. Minimum property value is £75,000 or £150,000 in London postcodes. Minimum income is £15,000 and first time buyers are acceptable as joint applicants to an existing homeowner as long as they are not the main income earner.
The criteria is quite complex and we strongly recommend that you contact Mosaic Mortgages to discuss your specific circumstances and to see whether you are eligible for one of these bad credit mortgages that we have access to. As we are offering whole of market advice, we will assess your individual circumstances and recommend the most appropriate bad credit mortgage for your needs. If we can’t help you now then we will give you advice on an action plan to ensure that you will be able to get a mortgage in the future.
