Precise enters Help to Buy scheme

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Precise Mortgages has entered into the Government’s Help to Buy equity loan scheme for the first time.

The range is aimed at borrowers who have minor adverse and would not be served by the high street lenders.

Borrowers must have a 5 per cent deposit, although this can be supplemented by up to 5 per cent of builders’ incentives in addition to the 20 per cent Government loan.

The lender is offering two-year trackers, two-year fixes and four-fixes for almost and near prime customers.

Almost prime rates start at 3.55 per cent while near prime rates start from 5.05 per cent.

Precise will allow mortgage terms of up to 30 years and self-employed borrowers with one year’s accounts are accepted. The fees can be added to the loan.

New-builds with a commercial premises on the ground floor and flats situated in blocks of up to 20 stories will be considered.

Last week, Mortgage Strategy revealed Precise Mortgages was seeking a new parent in order to grow its lending.