Precise Mortgages has decided to accept borrowers purchasing a new-build property for the first time.
There are no loan-to-value restrictions on houses or flats, with LTVs available to 85 per cent. Products are available to borrowers purchasing in England, Wales and selected postcodes in Scotland.
Precise Mortgages managing director Alan Cleary says: “We have made a series of enhancements to our products ranges over the last three weeks and this criteria change will broaden the appeal of our products to brokers and their customers.”
Sesame Bankhall senior product and communications manager Robert McCoy says: “Precise Mortgages’ entry to the New Build Market will offer clients an even greater choice of products which I’m sure will be welcomed by advisers.”
Yesterday, the lender opened up its entire home owner range to first-time buyers.
Previously, first-time buyers only had access to a limited number of products. The lender only accepted first-time buyers in the South East up to 80 per cent loan-to-value (85 per cent LTV is its maximum for other borrowers), although now there are no restrictions.
Last week, Precise launched a new “almost prime” range of products to replace its prime range.
The almost prime range sits alongside the lender’s near prime range and rates start at 2.64 per cent at 75 per cent loan-to-value.
Borrowers can qualify for the almost prime range as long as they have had no county court judgements or defaults in the past 24 months and no more than one missed payment over the same time period.
To qualify for Precise’s near prime range need to have had no more than two defaults and one CCJ in the past 24 months and no more than three missed payments in the past 36 months.