About Precise Mortgages
Precise mortgages are a specialist lender who operate on an intermediary-only basis, meaning that you can only apply for their products with the help of a mortgage broker.
As a specialist mortgage provider, they can be more flexible than lenders on the high street and offer finance to borrowers who would be considered too high risk elsewhere. This includes people with bad credit and self-employed individuals with complex income.
As a whole-of-market mortgage brokerage, Teito can help you access rates and deals from Precise as well as compare what they are offering against their competitors for free.
What kind of mortgages do Precise offer?
Precise’s product range is divided into the three main categories below:
Residential mortgages
Precise has specific products for borrowers with bad credit, self-employed people with limited accounts, first-time buyers and those who are buying a new build property.
Their residential mortgage range is dominated by two and five-year fixed-rate mortgages, and there are exclusive products for remortgages as well as existing customers.
Buy-to-let mortgages
Precise’s buy-to-let range has tailored mortgage deals for portfolio landlords, borrowers who want to buy a property through a limited company, first-time landlords, and customers who are purchasing a specialist property type, such as a house of multiple occupancy (HMO).
Product types available include two-year fixes, five-year fixes and lifetime trackers.
Bridging loans
Flexible bridging finance deals are available, with Precise offering these loans on a regulated or unregulated basis. They also use Automated Valuation Models (AVMs) for agreements where the loan-to-value ratio (LTV) is a maximum of 60%, to allow faster completion.
What rates are available?
Mortgage interest rates can be higher at lenders like Precise since their products are aimed at borrowers who are unlikely to be approved for a mortgage or bridging loan elsewhere. The exact rate you will end up with will depend on the LTV and the type of product you take out, among other factors.
You can compare the latest mortgage rates from Precise with other lenders' offerings for free below:
Compare Precise mortgages with 90+ other lenders for free
How much deposit you will need
As a specialist lender, Precise tends to have higher deposit requirements than mortgage providers on the high street due to the majority of their customers being higher risk. Their residential mortgages start with deposit requirements of 15% of the property’s value.
Their buy-to-let range, meanwhile, starts at 80% LTV (20% deposit required).
How much will Precise let you borrow?
Precise cap their maximum borrowing at 5 times annual income, but may use a lower income multiple depending on the overall strength of your application.
For buy-to-let mortgages, the maximum you can borrow is tied to the property’s rental potential. For basic rate taxpayers and limited company directors, the interest cover ratio must be at least 125%, while for additional or higher rate taxpayers it is 145%.
Does Precise Mortgages have good reviews?
Precise is rated 4/5 on review aggregation service TrustPilot, based on feedback from 3,733 customers at the time of writing. They have a lower average rating of 2/5 on Smart Money People, but this is based on a much smaller sample of reviews, just 26 in total.
Pros and cons
The table below shows the advantages and disadvantages of Precise as a mortgage lender to help you decide whether they are the right option for you:
Advantages | Disadvantages |
Offer a range of bad credit mortgages | Higher rates than high street lenders |
Positive customer reviews | Deposit requirements can be higher than on the high street |
Flexible requirements for self-employed borrowers | Some specialist lenders offer mortgages based on higher income multiples |
Offer fallback options such as bridging loans | Age limits can be stringent |
Types of bad credit Precise will accept
It is possible to get approved for a mortgage by Precise with the below types of bad credit:
- Defaults
- CCJs
- Arrears (secured and unsecured)
- Debt management plans
More severe issues such as IVAs, bankruptcies and repossessions need to have been discharged for at least six years before the applicant will be considered for a mortgage.
The type of rate and deal you will qualify for will depend on the specific details surrounding your credit issues, specifically how long they have been on your file and the amount they are for. You can also boost your chances of securing a better deal by putting down extra deposit.
Compare deals from Precise Mortgages today
We offer a free service that lets you compare rates and deals from Precise with their competitors in real time. You can choose the mortgage you want and access support from a broker so you can apply for products from intermediary-only lenders like Precise.
Ready to search the market, choose a mortgage online and get bespoke advice about Precise's products from one of our brokers? Get started here.
FAQs
It takes around 2-4 weeks to process a mortgage application with Precise Mortgages.