As you know, following government restrictions introduced to prevent the spread of COVID-19, we at Precise Mortgages, have been busy working on solutions for you and your customers whilst physical property inspections remain unavailable.
We’ve worked closely with our valuation panel partners and are pleased to confirm we’re now able to accept desktop valuations on residential and buy to let first charge mortgages subject to the criteria below.
What does this mean for you and your customers?
It means that with effect from Friday 17th April we will be launching a new range of Residential and Buy to Let first charge mortgage products for properties located in England, Wales and Scotland.
Key Features of the range Include:
• Available for both Purchase and Remortgage
• No Assessment Fee or Valuation Fee payable
• Maximum LTV of 60% LTV
• Maximum property value of £600,000
• Minimum property value of £75,000
• Maximum loan amount of £360,000
Full details of the new Residential and Buy to Let product ranges, including the restrictions that apply, can be viewed on the product guides which are attached.
Please note that this is not available for Second Charge Loans and Bridging.
As the impact of COVID-19 continues to affect us all, we wanted to thank you for your continued support and patience during these unprecedented times. Although the situation we’re facing is changing, we remain dedicated to you and your customers.
Please remember that you can contact a member of our Sales Team to discuss these changes and the products detailed above.
Following government restrictions introduced to prevent the spread of COVID-19, we’ve been busy working on solutions for you and your customers whilst physical property inspections remain unavailable.
We’ve worked closely with our valuation panel partners and are pleased to confirm we’re now able to accept desktop valuations on residential and buy to let first charge mortgages.
View the new residential and buy to let product ranges >>
Existing pipeline cases:
If you’ve already submitted an application which is at pre-offer stage and the property type is eligible for a desktop valuation then we may be able to switch your case to a new product and continue processing. If, after you’ve discussed suitability with your customer, you consider the product is appropriate, we’ll switch your application to a new product and request any outstanding documentation which you should provide as soon as possible. Where we switch the existing application onto a new product we’ll refund the fees that have been paid.
If you have a pipeline application which is over 60% LTV and your customer would like to reduce their loan amount to enable switching onto a new product please contact us on 0800 116 4385 and we will be happy to help.
