Head of Content
Mortgage Advisor & Director
Precise Mortgages
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.
We will compare the latest rates from Precise for you when you make an enquiry with us below.
Compare Precise Mortgages Online in Seconds
We work with 90+ mortgage lenders from across the market, including Precise Mortgages. We can help you compare mortgage rates from different lenders and find the best deal for you.
Our brokers will review rates at 90+ lenders to find the ideal mortgage for you. We'll show you the latest deals from Precise Mortgages and others so you can make an informed decision about which option is right for you.
To get started, fill in our quick online form or call 01484 242424 to speak to our expert mortgage advisers today!
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.
As a whole-of-market mortgage broker, Teito can help you access rates and deals from Precise as well as compare what they are offering against their competitors for free.
What rates are available?
Mortgage 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 product type, among other factors.
We will compare the latest rates from Precise Mortgages with their competitors from across the market for you when you make an enquiry with us.
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.
You can use our calculator below to work out what your maximum borrowing will be based on 4-5 times salary and compare that against the higher income multiples used by a minority of lenders.
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 3,848 customers at the time of writing. They have a lower average rating of 1.56/5 on Smart Money People, but this is based on a much smaller sample of reviews, just 28 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
The most important thing to take on board here is that you need to compare Precise's mortgage range with that of other lenders across the market. Limiting yourself to just one lender could mean missing out on more suitable deals elsewhere.
There are brokers on our team who have a working relationship with Precise. They know their product range well and can compare them with every competitor across the market on your behalf to help you decide whether they are the perfect fit for you.
Here are just some of the reasons you should use us for your mortgage comparison needs:
- Our mortgage brokers are whole-of-market
- They often have access to exclusive rates and deals
- We are 5-star rated on leading review websites
- Your first consultation is FREE
Ready to see how Precise's latest rates compare to deals from across the and speak to one of our brokers about their products? Get started here.