View more on these topics

Precise removes minimum income requirements for B2L

Alan Cleary

Precise Mortgages has removed its minimum income requirement on all buy-to-let applications and increased the maximum loan size on its near prime range.

Precise has previously imposed a minimum income requirement of £25,000.

Buy-to-let applicants will now be required to provide three months worth of bank statements in lieu of proving income.

The maximum loan size on the near prime range has been increased from £300,000 to £500,000.

Precise Mortgages managing director Alan Cleary says: “These changes are a common sense approach to underwriting which will allow good quality borrowers to obtain mortgages they otherwise may not have qualified for because of arbitrary rules. We have considered these changes very carefully to ensure we continue to lend in a responsible and compliant manner and within our credit risk mandate.”

Chadney Bulgin mortgage partner Jonathan Clark says: “It is good to see another lender remove the minimum income requirement on its BTL products but also rather surprising at a time when we know this is an area under close scrutiny from the FSA, which is rightly concerned that this could be abused. I am sure Precise will closely monitor business to ensure that this does not happen.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com