Precise radically simplifies homeowner criteria
The intermediary only lender has now removed all postcode restrictions from its range and had moved away from its six tier adverse criteria to a more streamlined single rule system.
The new system means that as long as a client has no more than two defaults, one CCJ worth less than £2,500 and no more than three months of mortgage arrears in the last 36 months they are eligible.
Providing client’s meet this criteria Precise’s online mortgage platform will then present the best possible product for their credit profile. The better the credit score the better the price.
Alan Cleary, managing director of Precise, said: “We have tried to make our system as simple as possible. Now all the brokers just need to remember one set of adverse criteria and let the system take the strain.
“The changes we have put in place represent a radical simplification of our criteria. We have also reduced prices. Our lowest previous price was 2.99% and it’s now down to 2.64%”
The 2.64% rate is available on Precise’s 2-year fixed rate product which is available up to 75% loan to value.
The lender has also dropped the rates on its Homeowner range which is available at up to 85% LTV exclusively through Precise authorised packagers.
Precise has recently launched the markets first bridge-to-Let product where both loans are offered through the same lender, slashed its buy-to-let rates and is currently in the process of ramping up its lending proposition as it looks to double the amount of lending it does in the near prime space.
Cleary said these changes are just the beginning and will be followed by a number of further criteria enhancements during the next week.