Precise Mortgages has extended its maximum loan-to-value on its near-prime range to 85 per cent.
The lender previously lent up to 80 per cent LTV. The product will be available initially through All Types of Mortgages and First Complete but will be rolled out to other distributors if it proves popular.
Precise Mortgages managing director Alan Cleary says: “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.”