Precise rethinks criteria for self-employed

Precise Mortgages has overhauled its self-employed criteria and will now lend if the borrower has just one year’s certified accounts or SA302.

Previously, the business must have been trading for a minimum of two years and have the latest trading accounts for loans up to 75 per cent LTV and trading for minimum of three years and have the latest two year’s accounts up to 85 per cent LTV.

However, as of last week Precise requires one year’s accounts and it has removed the minimum trading period for all borrowers. LTVs are still available to 85 per cent.

The lender is offering first charge rates from 2.97 per cent for first charge loans and 4.95 per cent for second charge loans. Purchase and remortgage products are available for first charge.