"A missed direct debit shouldn’t block the route to homeownership."
- Adrian Moloney - OSB Group
Throughout this year, specialist residential lender Precise has been overhauling its residential proposition, including increasing its maximum LTV to 95%, increasing the loan-to-income ratio to 6x, and reducing stress rates.
The latest changes launched today include adverse, affordability, and lower pricing. New build options are now available up to 90% LTV, with rates starting from 5.66%. Furthermore, 95% LTV products are extended out to Adverse Tier 4 for those with past defaults or missed payments, subject to credit score.
Recent data from Moneyfacts shows that the majority of first-time buyers opt for LTV rates of 90% or higher, highlighting the demand for smaller deposit options.
Adrian Moloney, intermediary director at OSB Group, said: "Our latest residential improvements include options to make new build purchases more accessible and affordable, as well as supporting clients who may have had credit blips. We understand that life is busy, and in our view, a missed direct debit shouldn’t block the route to homeownership."
"We’ve also added a new range of one-year fixed products, reduced rates for more customers with heavier adverse, and offer fee options of £0, 1%, or £995. It means that the wide-ranging residential product range at Precise offers practical solutions for brokers working hard to secure homeownership for their clients."
Craig Hall, director of strategic partnerships at LSL Financial Services, commented: "Over the last 18 months, we have seen several improvements with new build high LTVs. However, specialist lender support has been lacking. It is, therefore, welcome news to see Precise step into this space."
