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:

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.

How Teito Works

You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:

1

Click ‘Get Started’

Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us

2

Compare Quotes Online

Next you can view rates and deals from across the entire market online and choose the one you want in real time

3

Apply Online

We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you

Choose Your Own Mortgage

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.