Mortgage TypeBridging 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)
£50,000 1st Charges, £25,000 for 2nd Charge
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 Age25 years
Maximum Age85 for Investors - 75 for Regulated
Family Cash Gift DepositYes
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)
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.
Restrictions3 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
Ex-Local Authority PropertiesYes, considered.
Minimum years remaining on leasehold propertyMinimum remaining lease term is 70 years at completion.
Permanent rights to reside and remainYes
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
Credit ScoreYes - Experian at AIP stage.
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 & DefaultsConsidered on a case by case scenario (up to date credit search is required for consideration)
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
Access3mc is a Premier Partner with Precise Mortgages. Packaged or Club options available
Missed mortgage paymentsMissed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.
Property Type / CommercialSPV / 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.