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Precise Mortgages

Precise Mortgages

Mortgage Type

Buy To Let

Property Value (min)

See minimum loan - (excludes HMO) outside of London or £150,000 in London postcode districts.

Advance (min)

£40,000 for Individuals & Limited Company
This includes single units, HMO's & Multi units

Advance (max)

£3,000,000 to 60% LTV (This is only on Tier one lifetime trackers FOR BOTH LIMITED COMPANIES AND INDIVIDUAL).

£1,000,000 to 70% LTV

£750,000 to 75% LTV

£500,000 to 80% LTV (Personal name only)

HMO / Multi Unit and Holiday let: - £1,000,000 available at 70% LTV

£750,000 to 75% LTV

£500k at 80% LTV (Not available direct with lender, only via a Premier Packager [3mc])

In summary: - £3,000,000 to 60% LTV

£1,000,000 to 70% LTV

£750,000 to 75% LTV

£500,000 to 80% LTV - 75% LTV for FTB FTL

Term (Max)

35 years

Minimum Age

21 years

Maximum Age

80 years at time of application, 115 maximum age limit, 70 years for FTB FTL

Family Cash Gift Deposit

Yes - including Aunts and Uncles

Family Gift of Equity Deposit

No for gift of equity from family members Ltd Co: - Equity gifts accepted from personal to Ltd Company. (Director's loan)

Income (min)

No minimum income

Restrictions

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
£10,000,000.
Unlimited with other lenders.
Top slicing is 110% of payrate even on 2 year rates.
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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

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 Tenants

Considered Sub letting agreements direct with the council will not be accepted.

Ex-Local Authority Properties

Houses 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 property

Minimum remaining lease term is 70 years at completion.

Minimum Ownership

6 months minimum ownership required before remortgage.
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 remain

Yes - can accept spousal visa for secondary applicant (cannot use their income)

Ex-Patriates

No

New Builds

New build flats and houses accepted to product max LTV

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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:
Barratt Developments
Bellway
Berkeley
Bloor Homes
Bovis Homes
Crest Nicholson
Galliford Try
Persimmon
Redrow
Taylor Wimpey
If the property was constructed within the last 10 years it will need to benefit from one of the
following warranties:
Advantage HCI
Aedis Warranties Ltd
Building Life Plans
Buildzone
Checkmate (Castle 10)
CRL Management Ltd
International Construction Warranties (ICW)
LABC
N.H.B.C. Guarantee
Premier Guarantee Scheme
Professional Consultants Certificate
Protek
Zurich Municipal “New build”

Credit Score

Yes - Experian at AIP stage and then full credit search conducted on both Experian and Equifax at application.

Rental Calculation

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
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Lower Rate Tax Payer: –
Tracker products – 125% @ higher of pay/revert rate + 2% (min 5.5%)

60% on a 5yr + fix

Top slicing
The rental income for the property must be a minimum of 110% of the payment when calculated at the pay rate of the chosen product. Surplus income from an applicant’s existing property portfolio (in the first instance) or surplus earned income can then be used to demonstrate affordability against the ICR required for the loan based on our current lending criteria at the assessment rate for the chosen product (not available to first time buyers).
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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 & Defaults

Adverse BTL
Dependent upon product plan - Tier 1 highest range and Tier 3 lowest.
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Defaults 0 in last 12 months,2 in 24 months (max £5k)
CCJ’s 0 in 12 months, 1 in 24 months (max £2.5k).
Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.
Unsecured arrears - Not counted but can affect customers credit score.
Tier 1 - only adverse accepted is 1 unsecured 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 Fees

Valuation fees paid direct to lender at the lender fee scales

Maximum number of applicants

4

Countries

Will lend in England, Scotland (Postcode permitting) and Wales

Access

Access to Precise Mortgages is through a selective panel of packagers, one of which is 3mc

Missed mortgage payments

Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.

Property Type / Commercial

SPV Limited Company
Standard BTL investment properties such as a house or Flat
HMO's up to a maximum of 8 bed - can also consider HMO' with 8 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.

Location

Will lend in England, Scotland (Postcode permitting) and Wales

Type of Credit Search conducted at AIP stage

Soft foot print at AIP

Portfolio Landlords

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 to an aggregate borrowing of £10m
– No limit on the size of 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.