Precise Mortgages expands near prime criteria and product range

Specialist intermediary lender Precise Mortgages plans to launch a new and improved near prime home owner range next week with a number of criteria changes that means more borrowers will qualify for its products.

The numbers of defaults allowable in the last twelve months and the value allowable in the last two years have been increased and those over two years old will be disregarded; CCJs older than two years will also be disregarded. The lender’s automated decision system has also been revised to allow more borrowers to qualify.

Precise Mortgages says the quality of its mortgage book originated over the last 18 months has been exceptionally high.

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 12 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 buy-t-let product.”