Mortgage TypeBuy To Let
Property Value (min)
£50,000 or £150,000 in London postcode districts HMO minimum property value now £100,000, or £250,000 in London postcode districts
£75,000 for Individuals & Limited Company
This includes single units, HMO's & Multi units
£3,000,000 to 60% LTV
£1,000,000 to 70% LTV
£750,000 to 75% LTV
HMO/Ltd Co: -
£1,000,000 to 70% LTV
£750,000 to 75% LTV
Term (Max)35 years
Minimum Age21 years No limit on the number of director dependant shareholders aged under 21
Maximum Age80 years at time of application, 115 maximum age limit, 70 years for FTB FTL
Family Cash Gift DepositYes - including Aunts and Uncles
Family Gift of Equity DepositNo for gift of equity from family members Ltd Co: - Equity gifts accepted from personal to Ltd Company. (Director's loan) - unless the minimum deposit has been met. Example: - will allow a sale below market value but will base LTV on the lower of the 2 prices. E.g: If immediate family had a BTL worth £150,000 he could sell it to applicant for £100,000. then Precise will allow that but they would lend at 80% of the £100,000 and the 20% deposit would need to come from the clients own sources.
Income (min)No minimum income
RestrictionsWill allow clearing of tax bills: -
- The bill must be repaid in full on completion including penalties
- Satisfactory explanation as to why not paid
- Copy of the latest tax bill.
Client/Director must 1 years experience as current landlord and must own a current BTL property for HMO.
Maximum of 20 buy to let loans per individual
5 @ 80% LTV and 5 @ 75% LTV
(including buy to let loans which the individual has guaranteed), with Precise Mortgages up to a combined value of
Unlimited with other lenders.
Top slicing is 110% of payrate even on 2 year rates.
HMO Licensing: -
Any application for a HMO license required by the Local Authority, must have been made prior to completion.
75% LTV for FTB FTL - must fit on the ICR rental calc as normal but also fit on residential affordability capped at 3.5x income.
Let to Buy (Turning Residential into Buy to Let)In all circumstances for LTBs Precise will require a simultaneous completion OR the client will need to have moved out and rented the existing property for min 3 months. The client must be on the voters roll at their new residence and proof of 3 mths rent via bank statements and AST will be required. Max 80% LTV for either refinance on to a BTL or onward purchase. Precise can consider both or either transactions. Where only the onward purchase then 'consent to let' from the previous lender will be required
DWP TenantsConsidered Sub letting agreements direct with the council will not be accepted.
Ex-Local Authority PropertiesHouses Max 80%, with adverse max 75%.
Flats and maisonettes not accepted. The property must have good curb appeal and must have no balcony access and be overall strong case.
Minimum years remaining on leasehold propertyMinimum remaining lease term is 70 years at completion.
Minimum Ownership6 months minimum ownership required before remortgage.
Unless remortgaging off a precise Bridge or the security has been inherited through probate.
If property was converted from a Residential into a let property, it must have been owned for a minimum of 12 months prior to remortgage.
Permanent rights to reside and remainYes - can accept spousal visa for secondary applicant (cannot use their income)
Applications submitted from 1st January 2021 where the applicant is an EU citizen they must provide a valid permanent residence document or evidence that settled or pre-settled status has been granted under the EU Settlement Scheme. This can be in the form of a letter from the Home Office confirming their settlement status or a Residence Card.
Settled status is awarded to EU citizens that can evidence a minimum of 5 years’ continuous residence in the UK, whereas pre-settled status applies to those who have not resided in the UK for 5 years. Those awarded pre-settled statuses can apply for settled status once the 5-year residence requirement can be met.
New BuildsNew build flats and houses accepted to product max LTV
Flats in blocks up to 20 storeys, with a commercial ground floor accepted
80% LTV available for buy to let new build houses and flats
85% LTV available plus up to a 5% builders incentive on residential lending
S106 obligations considered
Mortgage offers valid for six months from the date of issue, if required we may extend for a further three months
New Build flats with a commercial ground floor are considered
Properties that have any MMC components can be considered providing the property was
constructed by one of the following companies:
If the property was constructed within the last 10 years it will need to benefit from one of the
Aedis Warranties Ltd
Building Life Plans
Checkmate (Castle 10)
CRL Management Ltd
International Construction Warranties (ICW)
Premier Guarantee Scheme
Professional Consultants Certificate
Zurich Municipal “New build”
Credit ScoreYes - Experian at AIP stage and then full credit search conducted on both Experian and Equifax at application.
Limited Company and HMO: –
Tracker products – @ higher of pay/revert rate + 2% (min 5.5%)
Please visit BTL calculator at Precise BTL Calculator
5 year + fix 125% @ pay rate
Simple refinancing assessment required where LTV is > 60% on a 5yr + fix
Lower Rate Tax Payer: –
Tracker products – 125% @ higher of pay/revert rate + 2% (min 5.5%)
60% on a 5yr + fix
FTB FTL – The lender performs 2 x affordability assessments. Earned income will be assessed and the applicant will also need to meet the minimum rental stress requirements
Historic CCJ’s & DefaultsTier 2 - CCJs and defaults accepted if over 24 months
Tier 1 - Defaults 0 in 72 months
CCJs 0 in 72 months
Missed mortgage/secured loan arrears 0 in 36 months
Unsecured arrears 1 in 12 months, 2 in 36 months (worst status) - must pass credit score.
Payday loans, will be considered at dip stage
No adverse accepted in the last 3 months.
Valuation FeesValuation fees paid direct to lender at the lender fee scales
Maximum number of applicants4
CountriesWill lend in England, Scotland (Postcode permitting) and Wales
AccessAccess to Precise Mortgages is through a selective panel of packagers, one of which is 3mc
Missed mortgage paymentsMissed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.
Property Type / CommercialSPV Limited Company
Standard BTL investment properties such as a house or Flat
HMO's up to a maximum of 6 bed - can also consider HMO' with 6 beds with more than 1 kitchen
Studio - 30 SQM
Portfolio limit for landlords of up to 20 properties allowed with Precise Mortgages. For properties 11 - 20 LTV is capped at 70% and maximum exposure of £10m.
LocationWill lend in England, Scotland (Postcode permitting) and Wales
Type of Credit Search conducted at AIP stageSoft foot print at AIP
Portfolio Landlords Accepted
Background Portfolio Requirements
– No maximum LTV for the overall portfolio
– Click here to complete the online viability check
Portfolio Landlord Criteria
– Up to 20 mortgages with Precise Mortgages – please check product guide for further details
– No limit on the size of the existing portfolio with other lenders
Additional Document Requirements
– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases
– Cashflow Statement – Not required
* Lender will accept client versions for all documents
NB – Portfolio assessment will be valid for 12 months to reduce requirements on subsequent applications providing there are no material changes.