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Precise Mortgages overhauls self-employed criteria

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, from today 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.

Managing director Alan Cleary says: “Performance of our mortgage book coupled with evidence collated by our credit team show that the extra information being demanded from self-employed applicants is not justified.

“Self-employed Brits are growing in numbers and play a large part in the much improved employment figures the country is now enjoying.”

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  • Freelancer Financials 17th September 2014 at 6:09 pm

    This is fantastic news from Precise Mortgages. It’s great to know that some mortgage providers are willing to use a common sense approach to Self-Employed. Halifax and Kensington already do this, so it’s great to see Precise also adapting their criteria for Self-Employed workers.

    Perhaps, Precise can also review their criteria to contract workers and the we can add them to our list of Contractor Friendly Lenders – http://www.freelancerfinancials.uk.com/guides/contractor-mortgage-lenders/