According to Nationwide’s latest House Price Index*, March saw another steep climb in house price growth to 14.3%, the strongest increase since November 2004. The price of a typical UK home now stands at £265,312 – that’s more than £33,000 more than it was this time last year.
It’s never been easy to buy a property, but imagine that, on top of this price increase, you’ve also suffered a credit blip in the past few years. That dream of owning your own home must feel as though it’s slipping further and further away.
Fortunately, here at Precise Mortgages we don’t believe a mark on their credit record in the past should stop customers from getting the residential mortgage they need now.
It’s why we’ve widened the type of adverse we’ll accept across our core and DMP residential range, as well as increasing the maximum LTV to 85% for customers with recent credit blips.
Adverse credit
New 2 and 5-year fixed rates for customers with the following adverse:
- Defaults – up to 5 in last 24 months
- CCJs – up to 3 in last 24 months
- DMPs – active and recently satisfied
- Missed mortgage/secured loan arrears – 1 in 12 months, 3 in 36 months (worst status)
- Unsecured arrears – not counted
LTV increase
We’ve also increased the maximum LTV to 85% for customers with the following adverse:
- Defaults – 2 in 24 months (maximum £1,500 in 12 months, unlimited thereafter)
- CCJs – 1 in 24 months (maximum £1,000 in 12 months, £2,500 in 24 months)
- DMPs – active and recently satisfied
- Missed mortgage/secured loan arrears – 1 in 12 months, 3 in 36 months (worst status)
- Unsecured arrears (not counted)
For more information, download our product guide or take a look at our online criteria guide.
And don’t forget, if you’ve got a question about our range, a member of our sales team is always here. Alternatively, you can speak with us via Live Chat or call our dedicated support service on 0800 116 4385.
