Precise Mortgages
Mortgage Type
Bridging LendersProperty 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%
Refurbishment BTL/Short term is 80% LTV maximum
£3,000,000 (£1m HMO) for buy to let element.
Term (Max)
Regulated 12 months Non regulated 18 monthsMinimum Age
25 yearsMaximum Age
85 for Investors - 75 for RegulatedFamily Cash Gift Deposit
YesFamily 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 PreciseLending 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)
NoDWP Tenants
NoEx-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
YesEU 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
NoNew Builds
New 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 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 scalesMaximum number of applicants
4Countries
Will lend in England, Scotland (Postcode permitting) and WalesAccess
3mc is a Premier Partner with Precise Mortgages. Packaged or Club options availableMissed mortgage payments
Missed Mtg/Secured Arrears 0 in 12, Max 1 in 36 months.Property Type / Commercial
SPV / LLP Limited CompanyStandard 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.