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Precise Mortgages

Mortgage Type

Buy 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

Advance (min)

£75,000 for Individuals & Limited Company
This includes single units, HMO's & Multi units

Advance (max)

£3,000,000 to 60% LTV
£1,000,000 to 70% LTV
£750,000 to 75% LTV

HMO/Ltd Co: -
Maximum loan:
£1,000,000 to 70% LTV
£750,000 to 75% LTV

Term (Max)

35 years

Minimum Age

21 years No limit on the number of director dependant shareholders aged under 21

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) - 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

Restrictions

Will 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
£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 - 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 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.
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 remain

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

EU Citizens

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.

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

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

Tier 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 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 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.

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 – 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.

Precise Mortgages
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