Precise launches 85pc LTV near prime range
Product details allow for defaults, CCJs and missed mortgage payments and cater for both employed and self-employed with a minimum loan size of £70,000 and maximum loan size of £300,000.
All products come with a £1,995 fee in line with Precise’s core range and utilise Precise’s soft footprint system.
The range is expected to widen out to other distributors should it prove popular.
Alan Cleary, managing director of Precise Mortgages, said: “I expect this to be a popular product as we all know how difficult it is for borrowers at the moment. We are proud to be offering a product that is only available through intermediaries.
“As the high street banks increase their marketing budgets, the size of the intermediary mortgage market will decrease; we hope that the new product will encourage customers to visit brokers rather than go to high street banks.”
Dale Jannels, managing director of All Types of Mortgages, added: “This is a superb product from Precise and caters for a gap in the current near prime market. Near prime is, once again, becoming a large part of our business and this product offers an excellent LTV and some customer friendly criteria.
“We are delighted, privileged and excited to be launching this product and look forward to assisting many customers that currently are not being catered for.”