Precise enhances affordability and increases new build LTV for flats and houses
Specialist residential lender, Precise, has further strengthened its commitment to brokers with improved LTV on new build properties and those with Tier 4 adverse histories.
Throughout this year, Precise has focused on a complete overhaul of its residential proposition including increasing LTV to 95%, increasing loan to income ratio to 6x, reducing stress rates and much more.
The latest improvements launched today include adverse, affordability and lower pricing, to support more borrowers with a wider range of options that address the financial challenges they may be facing whilst trying to secure home ownership.
Available from today:
· New Build options now available up to 90% LTV with rates starting from 5.66%
· 95% LTV products extended out to Adverse Tier 4 for those with past defaults or missed payments (subject to credit score).
As well as considering feedback from brokers, recent data shows that most first-time buyers opt for LTV rates of 90% or higher, highlighting stronger demand for smaller deposit options. By opening up new build lending to 90% LTV, brokers can help more clients access the benefits that many new build homes offer such as energy efficiency, ready-to-move-in convenience, and warranty protection.
Adrian Moloney, group intermediary director, OSB Group said, “Our latest residential improvements include options to make new build purchases more accessible and affordable as well as supporting clients who may have had credit blips. We understand that life is busy and in our view, a missed direct debit shouldn’t block the route to homeownership.
We’ve also added a new range of 1-year fixed products, reduced rates for more customers with heavier adverse, and offer fee options of £0, 1%, or £995. It means that the wide ranging residential product range at Precise, offers practical solutions for brokers working hard to secure homeownership for their clients.”
Craig Hall, director of strategic partnerships, LSL Financial Services commented, “Over the last 18 months, we have seen several improvements with new build high LTVs, however specialist lender support has been lacking, it is therefore welcome news to see Precise step into this space.”
“The increased LTV and affordability improvements illustrate Precise’s commitment to supporting the specialist residential sector and supporting homeownership aspirations.”