Precise Mortgages

​​​​Precise Mortgages offer a range of buy to let and residential second charge loans.  These loans are available for any loan purpose, including offering a quicker alternative to a traditional remortgage.

Our directly authorised advisers have the choice of submitting their second charge loan cases direct to Precise Mortgages via PMS, or through our panel of preferred Master Brokers.

Exclusive Products

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Procuration Tables

Gross fee paid by lenderProcuration fee to intermediary

Residential                     0.60%
Buy to let                        0.60%
Bridging                         1.75%
Fee free bridging          1.00%
Second charge loans   1.50%

All information correct as at 10/05/2016

Residential                ​0.50%
Buy to let                   0.50%
Bridging                     1.30%
Fee free bridging      0.90%
Second charge loans 1.25%

All information correct as at 10/05/2016

Overview

Precise Mortgages range of residential and buy to let mortgages offer both fixed and tracker products, which are tiered to meet individual circumstances - allowing your customers to get the cheapest rate based on their credit profile.

Residential mortgage range:

  • Accept first time buyers
  • Self employed available with only 1 year's accounts, no minimum trading period
  • Fixed term contracts accepted
  • Fees can be added to all ranges

Buy to let mortgage range:

  • Options available for HMOs and Limited Companies
  • Up to 80% LTV, fees can be added to the loan
  • Lifetime trackers product available
  • Competitive rental income calculation
  • New builds accepted

Bridging loans range

Ideal for customers who need access to funds quickly, bridging loans can aid your customers in buying a property at auction or expanding their property portfolio.

  • No maximum loan size
  • No fee products
  • Buying an HMO property with up to 8 bedrooms
  • Capital raising
  • Aid in a chain break finance
  • Refurbishing or converting

 

 

Second charge loans

Residential key features

  • Lifetime Bank of England base rate trackers
  • 2 and 5 year fixed periods reverting to Lifetime Bank of England base rate trackers
  • Capital and Repayment
  • Quicker than a remortgage

These products may be suitable for your customer if:

  • They are looking for a loan for any loan purpose
  • They wish to protect their existing mortgage i.e. those enjoying low mortgage rates or who want to stay on an interest only repayment method
  • Require alternative lending where their existing mortgage lender’s criteria restricts further borrowing.

See the product guide here. | See the criteria guide here.

Buy to let key features

  • Lifetime trackers, plus 2, 3 and 5 year fixed periods available that revert to Lifetime Bank of England base rate trackers
  • Capital and Repayment or Interest Only
  • Favourable rental coverage calculation uses the customer's actual payment on the first charge rather than a nominal 5%, so if they are paying a lower rate on their first charge they may be able to achieve a larger overall loan than by remortgaging.

These products may be suitable for your customer if:

  • They are looking to capital raise against the equity in a buy to let portfolio
  • They want to expand property portfolios or improve a property
  • They wish to protect their existing mortgage i.e. those enjoying low mortgage rates or who want to stay on an interest only repayment method
  • They are looking for an alternative where their existing mortgage lender's criteria restricts further borrowing.

See the product guide here. | See the criteria guide here.

How to submit a second charge loan case to Precise Mortgages

Complete the decision in principle pack which you can find here – this form will also allow Precise Mortgages to register you to submit second charge loan business:

You may already have a credit search, fact find or supporting information. Please include any relevant information that you feel will assist the underwriters.

Please send the decision in principle form together with any supporting documents to d2binseconds@precisemortgages.co.uk

The application will be underwritten based on the information you have provided, with an underwriter coming back to you within 2 working hours (provided the application is received by 2.30pm). If we require additional information an underwriter will call you direct.

Based on your customer’s circumstances, a mortgage illustration(s) will be produced for any products required for your customer, as well as confirmation being provided around items that are required to progress to offer.

If your customer wishes to proceed with the Illustration and make an application, you will be asked to supply any additional items and the relevant assessment and valuation fees, together with the application pack.

As soon as the underwriting checks are completed, a copy of the mortgage offer will be sent to both you and your customer. If your customer is happy with the mortgage offer, they should sign the mortgage deed and return this to Precise Mortgages, who will then arrange for the fees to be released.

Address

2 Charter Court
PO Box 6037
Wolverhampton
WV1 9QW

For enquiries

Intermediary & underwriting support team
Call: 0800 116 4385/0333 240 6084
Email: enquiries@precisemortgages.co.uk

Second charge loans
Call: 0333 240 6054

Jamie Pritchard - Head of Sales
Call: 07931 172422

View the full sales team here

Dedicated packager line
Call: 0333 240 9124​

Registration process

New user - register via the website www.precisemortgages.co.uk and click "Log in" and follow the instructions.