Precise Mortgages launches range for low credit customers

Precise Mortgages launched a line of residential mortgage products for customers with poor credit profiles, including those with county court judgments, defaults and active debt management plans.

The lender says the maximum loan-to-value ratio for customers with lower recent adverse credit levels will increase to 85%. It will reintroduce its broadest acceptable level five junk products for customers with higher credit levels up to a maximum of 80% LTV.

The company, part of specialist lender OSB Group, says the range covers two- and five-year fixed rates and is available to customers with recent county court judgments, defaults, secured and unsecured arrears. secured as well as active and satisfied debt management plans.

He adds that the range offers a refund on the valuation of all products, and the possibility of adding fees.

The lender adds that the range will also include the reintroduction of Right to Buy mortgage products, available at 90% and 100% of the reduced purchase price available to customers “with less than perfect credit profiles”.

Adrian Moloney, Intermediate Director of OSB Group, said: “The pandemic has undoubtedly left an imprint on many customers who may be struggling to secure loans elsewhere and this range could provide a simple solution, particularly for those whose credit rating is affected.

“This is also good news for brokers, as our automated cascading system filters cases through our levels until a suitable product is found without the need to reapply.”

L&G Mortgage Club Lender Relations Manager Danny Belton added: “This is a welcome announcement from Precise Mortgages and a real boost for our clients who may have less than perfect credit without no fault on their part.

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