In Business since 1996 0161 962 7800

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Precise Mortgages

Mortgage Type

Bridging Lenders

Property Value (min)

Single units - £75,000 £100,000 London postcodes HMO - £100,000 £250,000 for London postcodes. Multi-units: £75,000 or £150,000 in London (applies to each unit)

Advance (min)

£50,000 1st Charges, £25,000 for 2nd Charge

Advance (max)

No maximum but max LTV is 75%

£3,000,000 (£1m HMO) for buy to let element.

Term (Max)

Regulated 12 months Non regulated 18 months

Minimum Age

25 years

Maximum Age

85 for Investors - 75 for Regulated

Family Cash Gift Deposit

Yes

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)

Client has to be registered in the UK and source of income should normally be within the UK. Employed applicants must of been inside of their current job for a minimum of 6 months with 12 months of continuous employment.

Restrictions

3 loans at any one time with Precise
Lending to trading companies acceptable on bridging finance

Listed below are some of the works acceptable using Refurbishment Buy to Let:
> Change of use of a property to or from a HMO
> Change the use of a garage to a habitable room
> Properties needing work to meet minimum EPC rating
> Properties purchased at auction that require light refurbishment work
> Landlords choosing to refurbish to maximise rental yield.

Note loft conversions and extension works are not included under the permitted development rights refurbishments

Let to Buy (Turning Residential into Buy to Let)

No

DWP Tenants

No

Ex-Local Authority Properties

Yes, considered.

Minimum years remaining on leasehold property

Minimum remaining lease term is 70 years at completion.

Permanent rights to reside and remain

Yes

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

Credit Score

Yes - Experian at AIP stage.

Rental Calculation

No minimum rental income requirements where exit is sale of property. Bridge to Let option available

Precise Mortgages Refurbish BTL Calculator – please use Precise Mortgages rental calculator

Historic CCJ’s & Defaults

Considered on a case by case scenario (up to date credit search is required for consideration)

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

3mc is a Premier Partner with Precise Mortgages. Packaged or Club options available

Missed mortgage payments

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

Property Type / Commercial

SPV / LLP 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 2 kitchens

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 remains at £5m.

Location

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

Type of Credit Search conducted at AIP stage

Soft foot print at AIP

Condition

All conditions considered subject to the property being wind and watertight.
Precise Mortgages
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