Precise Mortgages has revamped its new-build criteria in a bid to gain a bigger share of the sector.
As part of the changes, the specialist lender now accepts up to 85 per cent LTV plus a 5 per cent builder’s deposit, meaning the customer now only needs a 10 per cent LTV deposit.
Offers are open for six months and the lender has introduced a further three-month, which is available upon request.
Further, Precise will now lend on new-build flats with commercial premises on the ground floor and will now consider Section 106 planning obligations. The maximum number of stories in a block of flats has been increased from 15 to 20.
Precise Mortgages managing director Alan Cleary says: “Earlier this year, our appointment of Kevin Beale as national sales manager of new build, signalled our commitment to developing a compelling specialist new-build lending proposition.
“It simply doesn’t make sense that people who have a minor blemish on their credit record or are self-employed find it extremely difficult to secure a new-build mortgage. This is why we strive to support the needs of those left underserved by mainstream lenders and continue to develop our product range and proposition.”
Meanwhile, Precise sister company Charter Savings Bank has taken over a £1bn in savings since it launch on 3 March.
Cleary says: “This makes our funding stronger and in turns helps us lend more money to people the high street banks don’t cater for.”