Minimum age: 25
Maximum age: 80 at the date of application
First time buyers maximum age: 70 at the end of the mortgage term, we can consider extending this to a maximum age of 75 providing this does not exceed any known retirement date.

Unfortunately we are unable to accept applicants who are currently employed by an employment agency.

An annual bonus can be included as part of a customer’s total income providing this is regular and two years' verification can be provided. Please note that we will only include 50% of any bonus in our affordability assessment, however the full amount should be keyed in the online application.

New Build properties and properties less than 10 years old will need to benefit from an acceptable building warranty provided by one of the following:

• Advantage HCI
• Aedis Warranties Ltd
• Building Life Plans
• Buildzone
• Checkmate (Castle 10)
• CRL Management Ltd
• International Construction Warranties (ICW)
• LABC
• N.H.B.C. Guarantee
• Premier Guarantee Scheme
• Professional Consultants Certificate
• Protek
• Zurich Municipal New build

All documents submitted to Precise Mortgages in support of an application will need to be certified by a suitable representative of the introducing broker or intermediary company. The certification will need to clearly show the following:

• The company name
• The certifier’s name and their position within the company
• The certifier’s signature
• The date

Documents containing a photograph of the applicant will need to be certified as ‘true copy of the original’ and ‘true likeness of the applicant’ (unless the applicant has not been seen face to face). All other photocopied documents must be certified with the words ‘true copy of the original’.

ID and residency documents must be certified individually.

Click here to download a copy of our Document Certification form.

For further details please see our Anti Money Laundering Guidelines.

Live/work units or any property where commercial usage exceeds 20% will not be accepted.

Flats above or adjacent to commercial premises may be considered on an individual basis.

Home office usage is acceptable providing that this does not involve clients being seen on the premises on a regular basis. For any other form of commercial usage, please contact use for further information.

We accept properties of traditional and Modern Methods of Construction (MMC).

The following methods of construction are not considered acceptable:

• Any property of Easiform construction.
• Any property containing mundic concrete.
• Any property containing no-fines concrete.
• Flats or maisonettes in blocks exceeding 20 storeys.
• Grade 1 listed buildings in England and Wales / Grades A and B in Scotland.
• Mobile homes and houseboats.
• Properties constructed with high-alumina cement, timber framed property with no brick skin or 100% steel or timber framed property. This does not include high rise developments.
• Property designated defective under Part XVI Housing Act 1985, Housing (Scotland) Act 1987 or Pre-Cast Reinforced Concrete (PRC) property (irrespective of whether repaired under a licence repair scheme).

The deposit should come from the applicant’s own funds and have originated within the EEA. We will also accept the following sources of deposit:

• Family gifts
• Remortgage or secured loan on an existing property owned by the applicant
• Builder’s Second Charge

Applicants with diplomatic immunity from UK law will not be accepted.

Employed

Applicants must be in permanent employment that is not subject to a current probationary period. Applicants must have been in their current job for a minimum of 3 months with 12 months continuous employment.

Applicants on a fixed term contract basis are acceptable but if there is less than 6 months remaining on the contract confirmation of renewal may be required.

Agency workers and zero hours contracts are not acceptable.

Where an applicant has a shareholding of 25% or over, or is responsible for overall payment of their tax and National Insurance, they will be classed as self-employed.

Self-employed

Applicants will need to have been trading for a minimum of 12 months and we will require income verification for the number of years’ income keyed onto our online application.

The following income will be accepted:

• For sole traders - net profit.
• For partnerships - the relevant share of the net profit.
• For limited company directors - remuneration plus dividends.

Ex-local authority flats or maisonettes may be considered providing they do not contain deck access. The block should be predominantly privately owned and will be subject to an individual underwriter review.

A family gift is an acceptable source of deposit unless the property is being purchased from the family member who is providing the gift. We will require a letter from the donor confirming the full details of the gift, click here to download our letter template.

Where the property is being purchased from a family member at a discounted price, this is acceptable providing the family member will not continue to reside. Our lending and assessment of the maximum LTV will be based on the reduced price and the vendor relinquishing all rights to the property. The applicant must commit their own funds to the transaction.

Gifted deposits will not be accepted from anyone that will reside in and/or have an interest in the property but will not be party to the mortgage.

We are unable to lend on a property where new or existing tenants are related to the applicant.

We will consider applications where the property is being purchased from a family member. A discounted purchase price is acceptable providing the family member will not continue to reside. Our lending and assessment of the maximum LTV will be based on the reduced price and the vendor relinquishing all rights to the property. The applicant(s) must commit their own funds to the transaction.

There are a number of additional fees involved in a mortgage application. Please refer to the ‘Tariff of mortgage charges’ document for full details.

All fees include VAT (where applicable).

We define a first time buyer is an applicant who has not owned a property in the last 18 months. All applicants must be first time buyers. If one or more applicants are not first time buyers our core Buy to Let mortgage criteria will apply.

Maximum LTV: 75% LTV (dependent on specific product limits).
Maximum age: 70 at the end of the mortgage term, we can consider extending this to a maximum age of 75 providing this does not exceed any known retirement date.

• We will assess the landlord’s earned income at full application stage.
• The property will need to meet our minimum ICR, click here to access our buy to let calculator for further guidance. In addition we will assess the landlord’s earned income at full application stage as part of our affordability assessment. We will accept up to 2 applicants and income can be submitted for both which will be included in the affordability assessment, subject to the underwriter’s discretion.

Income verification and the latest 3 months bank statements will be required.

Unfortunately, we do not allow first time buyer landlords to apply for HMO properties.

Limited Companies: If all guarantors are first time buyers, please contact us on 0800 116 4385.

If a customer has chosen a 5 year+ fixed rate mortgage extra checks will be required when the LTV is greater than 60% and the minimum ICR is not met at an interest rate of 5.5%, the customer will need to demonstrate one of the following:

Substantial Net worth – We will look to verify that a customer has substantial net worth in fixed assets, such as property. This will typically be in the form of at least £250,000 equity in their residential home or at least £500,000 across a property investment portfolio. A fully completed Existing Property Portfolio Form will be required.

OR

Satisfactory level of Liquid assets – Forms of liquid assets could include (but is not limited to): Cash deposits in savings or investment accounts, ISAs, PEPs, Investment Bonds and publicly listed Stocks & Shares. A fully completed Personal Assets & Liabilities form together with supporting validation demonstrating a sufficient level of assets will be required.

OR

Excess disposable income – We will require evidence of the customer’s income e.g. latest payslip or P60 for PAYE, latest set of accounts or SA302 (or online tax calculation) PLUS corresponding tax year overview for self-employed customers. The customer must have sufficient validated excess disposable income to cover the difference between the monthly interest payment at the fixed pay rate and at a rate of 5.5%.

• Must be self-contained with private facilities.
• Must have direct access to the highway via covered common parts.
• Up to a maximum of 20 storeys.
• Minimum floor area 30m².

Flats above or adjacent to commercial premises may be considered on an individual basis.

Click here for details of Ex-local authority flats.

Studio flats are acceptable, click here for further details.

A property with an element of Flying Freehold can be considered providing it does not exceed 10% of the total area.

Freehold is unacceptable for flats/maisonettes. If the applicant is the sole owner of the freehold to a building that contains the leasehold flat, Precise Mortgages will take a charge over both the freehold and the leasehold.

Mortgage guarantors are not acceptable on personal ownership applications.

For Limited Company applications all company Directors and shareholders over the age of 25 are required to provide a Personal Guarantee for the mortgage. The directors/shareholders added to the application must match to those registered with Companies House.

We are unable to accept applications where any of the applicants have been in receipt of housing benefit in the last 12 months. We are also unable to consider applications where the tenants are in receipt of housing benefit.

The following are acceptable sources of income:

Employed

*Full amount should be keyed into the application.

Self-employed

• For sole traders - net profit.
• For partnerships - their share of the net profit.
• For limited company directors - remunerations plus dividends.

The following can be included as income where evidence is available:

• Sole traders/partnerships:
• Private pension payments where declared on their SA302 or tax calculations.
• Directors (owns 25% or more shares)
• Director's car allowance.
• Director's pension payment.

Additional income

*Full amount should be keyed into the online application, not 50% of the full amount.

Where a property has been inherited, probate must have been granted prior to a mortgage application being made. Evidence of the Grant of Probate should be provided ahead of a Mortgage Offer being issued. Where the beneficiary is looking to capital raise on the property, the application should be submitted to us as a remortgage and no minimum period of ownership will apply in these cases.

If the applicant is purchasing the property after being granted part of this in probate, we have no minimum period of ownership for the vendor.

The minimum remaining lease term must be 70 years at the time of application.

Any application that involves the applicants retaining their existing residential home on a buy to let basis will be classed as a Let to Buy. The maximum LTV on let to buy applications is 80%.

The remortgage and purchase must complete simultaneously.

Any Limited Company must be set up solely to own/buy/sell/let property.

The company should have one of the following SIC codes (Standard Industrial Classification):

• 68100 - Buying and selling of own real estate
• 68209 - Other letting and operating of own or leased real estate
• 68320 - Management of real estate on a fee or contract basis.

Maximum 4 qualifying directors/shareholders none of which may be another limited company.

In all applications, Personal Guarantees will be required for all Directors. Additionally, all shareholders over the age of 25 will be required to provide a Personal Guarantee, subject to the company having a maximum of 4 qualifying Directors and shareholders. There is no limit on the number of shareholders under the age of 25 subject to the shareholders being dependants of the Directors.

Maximum term 35 years (maximum guarantor/director age at application 80 years).

Maximum of 20 buy to let loans per individual (including buy to let loans which the individual has guaranteed), with Precise Mortgages up to a combined value of £10,000,000.

Limited company applications will require all directors/shareholder’s to provide a Personal Guarantee for which we require them to have obtained independent legal advice.

Legal advice can be obtained from an independent solicitor or from the same firm that are undertaking the conveyancing on the application, however the same person/s within the firm should not provide independent legal advice as well as completing the conveyancing.

Properties that have any MMC components can be considered providing the property was constructed by one of the following companies:

• Barratt Developments
• Bellway
• Berkeley
• Bloor Homes
• Bovis Homes
• Crest Nicholson
• Galliford Try
• Persimmon
• Redrow
• Taylor Wimpey

If the property was constructed within the last 10 years it will need to benefit from one of the following warranties:

• Advantage HCI
• Aedis Warranties Ltd
• Building Life Plans
• Buildzone
• Checkmate (Castle 10)
• CRL Management Ltd
• International Construction Warranties (ICW)
• LABC
• N.H.B.C. Guarantee
• Premier Guarantee Scheme
• Professional Consultants Certificate
• Protek
• Zurich Municipal New build

All UK and EEA nationals are acceptable providing they have a 3 year UK residential history. Non EEA Nationals must have been resident in the UK for the last 3 years and have permanent right to reside in the UK.

Precise Mortgages define New Build as a property that has never been occupied.

Maximum 80% LTV accepted.

Borrowing is available on flats up to 20 storeys.

New builds flats with a commercial ground floor are considered.

Some Section 106 planning obligations are acceptable.

No reassignment of contracts

An acceptable Building Warranty will be required.

Offers will be valid for 3 months from the valuation date. An offer extension may be considered (up to a maximum of 6 months from original valuation) on request from either a broker or a solicitor.

We can consider lending to applicants who have made use of payday loans, this will be assessed on a case by case basis.

A single customer can have up to 20 individual Precise Mortgages buy to let loans (including buy to let second charge loans and mortgages they guarantee) with a maximum combined value of £10,000,000.

Unlimited with other lenders.

Portfolio criteria will be assessed at underwriting stage and as a result we may reduce the amount we will lend below that stated in any DIP to reflect our maximum LTV limits.

A portfolio landlord has 4 or more mortgaged buy to let properties or 3 mortgaged buy to let properties, plus at least 1 pending application with Precise Mortgages.

The following should be included in the number of properties a portfolio landlord holds:

• All mortgaged buy to let properties owned by the applicant whether jointly, in their sole name or by a company of which they are a director or shareholder
• Any property owned on a residential basis with Consent to Let
• If the applicant is a limited company, properties owned by the company’s directors and shareholders, or owned by other companies of which the directors/shareholders are a shareholder or director.

Unencumbered properties do not need to be included but may strengthen the overall portfolio.

As part of our underwriting process we will make an assessment of an applicant’s portfolio based on their individual circumstances and taking into account the impact of future interest rate increases.

Please refer to the following links for further guidance:

• Portfolio calculator
• Portfolio landlord
• Business plan
• Assets and liabilities statement
• Existing property portfolio details

All our products are not portable.

Precise Mortgages cannot consider remortgaging a property purchased under any scheme where a current pre-emption clause is in place or where the original vendor retains any interest in the property. Any pre-emption clause will need to have expired before an application is made.

If the applicant decides to change the product on the application after the mortgage product has been offered, a non-refundable administration fee of £70 is payable prior to the amended mortgage offer being issued.

All properties must comprise of a single residential dwelling unit i.e. own living accommodation/kitchen/bathroom etc. Taking a single mortgage over a property converted into more than 1 unit is not accepted.

If the construction is non-traditional, contact us for acceptability. There are certain construction types we will not accept, click here for further details.

Properties built within the last 10 years must benefit from an acceptable warranty scheme. Please refer to The UK Finance Lenders handbook for the currently acceptable schemes: https://www.cml.org.uk/lenders-handbook/.

We may consider, on an individual referral basis, properties with:

• 3 or more acres of land;
• Majority flat roof;
• Restrictive or unusual planning permission;
• Overriding interests

Please refer to a member of our Sales Team for further guidance.

The following types of property are not considered acceptable:

• Commercial Properties
• Any property affected by Japanese knotweed.
• Any property deemed unsuitable security by the valuer.
• Any property where there is ongoing movement/monitoring is required.
• Property where material environmental hazards are present.
• Property where saleability may be adversely affected by local planning or by an unsatisfactory mining search.
• We are unable to consider any property being purchased under any social housing schemes other than Right to Buy. We are unable to consider remortgaging any property purchased under any such scheme where the original vendor retains any interest or where any pre-emption clause remains.
• We will not lend where the property is affected by or within influencing distance of any significant factor which will have a negative impact on the property’s value or re-saleability (e.g. overhead pylons, sub stations, etc).
• We are unable to lend where the property has been purchased from a company that the applicant has an interest in.
• We are unable to lend where the property is subject to either a back-to-back or sub-sale agreement or subject to a Finder’s Fee.

Where a property has been inherited, probate must have been granted prior to a mortgage application being made. Evidence of the Grant of Probate should be provided ahead of a Mortgage Offer being issued. Where the beneficiary is looking to capital raise on the property, the application should be submitted to us a remortgage and no minimum period of ownership will apply in these cases.

If the applicant is purchasing the property having being granted part of this in probate, we have no minimum period of ownership for the vendor.

Minimum value or purchase price is £50,000, or £150,000 in London postcode districts.

HMO minimum value £100,000, or £250,000 in London.

We will accept remortgage applications 6 months after either the original purchase date or the last remortgage date.

Precise Mortgages’ bridging borrowers can remortgage on to a Precise Mortgages Buy to Let product after 1 month.

All UK and EEA nationals are acceptable subject to a 3 year UK residential history. Non EEA Nationals must have been resident in the UK for the last 3 years and have permanent right to reside in the UK.

We are unable to consider any property that may have a restricted occupancy clause within the planning permission, for example a property that can only be occupied for a maximum of 11 months in any one year.

Similarly, properties that can only be used for retirement or sheltered accommodation is not acceptable. This is the same for any property where a planning restriction (e.g. agricultural restriction) effectively limits a property’s appeal on the open market.

We are unable to accept any loan where there is a retention.

Where an applicant has a shareholding of 25% or over, or is responsible for the overall payment of their tax and national insurance, they will be classed as self-employed.

Applicants will need to have been trading for a minimum of 12 months and we will require income verification for the number of years’ income keyed onto our online application.

The following income will be accepted:

• For sole traders - net profit.
• For partnerships - the relevant share of the net profit.
• For limited company directors - remuneration plus dividends.

On some occasions we may require a specialist’s report for the property, these most commonly comprise of:

• Timber and damp, electrical, trees, cavity wall tie;
• Mining report (for long term lending these are obtained by the solicitors and a special condition is imposed at offer).

Any such reports should be prepared by a reputable firm and should be forwarded to us for review and referral to the valuer.

We will consider a property that contains solar panels. If the roof space is leased to a solar panel company then we will require a Consent to Airspace. The conveyancing solicitor would need to review the lease, if there is anything within the lease that can have an effect on the security property then we may not be able to consider your application. This could be an overriding interest in the property, or they have a right to take these solar panels down at any time, as this may cause damage to the property if they choose to do this.

The valuer may request a Structural Report for the property.

Where necessary the valuer may request a structural report, these will need to be produced by members of the following bodies:

• The Institution of Structural Engineers (www.istructe.org.uk)
• The Institution of Civil Engineers (www.ice.org.uk)

The report must be referred to the valuer for comment. If the report is not addressed to the applicant, written confirmation must be obtained from the originator that its contents may be relied upon by the applicant(s).

We will not lend on any property with either ongoing movement or where monitoring is required where this is identified by either the valuer, or where evident in the structural engineer’s report.

• Minimum floor area of 30m²
• Must be self-contained with private facilities
• Maximum LTV 70%

Freehold - Not acceptable for flats/maisonettes.

Leasehold - Minimum remaining lease term is 70 years at the time of application.

Flying Freehold - A property with an element of Flying Freehold can be considered providing it does not exceed 10% of the total area. The valuer must comment and confirm the total percentage.

Commonhold - Not acceptable.

Unencumbered properties do not have current mortgages or loans secured on them. When raising funds on an unencumbered property, applications should be submitted on a remortgage basis.

We are able to consider lending to applicants that work abroad providing:

• They spend the majority of the year in the UK
• They are paid in pounds sterling
• They pay UK tax

Applicants who work abroad will be considered on an individual basis and be subject to the underwriter assessment.

Applicants who are subject to a zero hours contract are not acceptable.

Properties that have any MMC components can be considered providing the property was constructed by one of the following companies:

• Barratt Developments
• Bellway
• Berkeley
• Bloor Homes
• Bovis Homes
• Crest Nicholson
• Galliford Try
• Persimmon
• Redrow
• Taylor Wimpey

If the property was constructed within the last 10 years it will need to benefit from one of the following warranties:

• Advantage HCI
• Aedis Warranties Ltd
• Building Life Plans
• Buildzone
• Checkmate (Castle 10)
• CRL Management Ltd
• International Construction Warranties (ICW)
• LABC
• N.H.B.C. Guarantee
• Premier Guarantee Scheme
• Professional Consultants Certificate (previously an Architect’s Certificate). The issuing architect should have minimum professional indemnity insurance equivalent to the greater of £500,000 or the property value.
• Protek
• Zurich Municipal New build
• The Q Policy

All UK and EEA nationals are acceptable providing they have a 3 year UK residential history. Non EEA Nationals will be considered subject to satisfactory status being established, a maximum LTV of 60% will apply.

Our non-Regulated bridging finance products offer borrowing solutions for property investors or landlords.

The following product features apply:

• AVMs available for standard bridging products
• Cross collateral charges can be considered
• Multiple bridging loans can be considered
• No maximum loan size
• No facility fee products available
• Maximum term 18 months

Maximum of 4 applicants.

Limited company application - maximum 4 qualifying directors/shareholders with no limit on shareholders under the age of 25 subject to them being dependents of the Directors.

We are able to consider business applications for SPVs registered in the following jurisdictions:

• Jersey
• Guernsey
• Isle of Man
• Gibraltar
• Cayman Islands
• British Virgin Islands

Please contact us for further information.

A portfolio landlord has 4 or more mortgaged buy to let properties or 3 mortgaged buy to let properties, plus at least 1 pending application with Precise Mortgages.

The following should be included in the number of properties a portfolio landlord holds:

• All mortgaged buy to let properties owned by the applicant whether jointly, in their sole name or by a company of which they are a director or shareholder
• Any property owned on a residential basis with Consent to Let
• If the applicant is a limited company, properties owned by the company’s directors and shareholders, or owned by other companies of which the directors/shareholders are a shareholder or director.

Unencumbered properties do not need to be included but may strengthen the overall portfolio.

As part of our underwriting process we will make an assessment of an applicant’s portfolio based on their individual circumstances and taking into account the impact of future interest rate increases.

We will require the following forms for all portfolio landlord applications:

• Business plan
• Assets and liabilities statement
• Existing property portfolio details

Minimum value: £50,000 (£100,000 in London postcode districts)

HMO properties

Minimum value: £100,000 (£250,000 in London postcode districts)

Our first and second charge bridging finance products can be used where the security is intended to be used, or is currently used, as a residential home by the applicant or a family member.

Regulated bridging finance can be used for almost any purpose, except where the applicant is looking to raise finance by way of a second charge and the loan is for business use (this would be covered by our non-regulated bridging finance).

The following product features apply:

• Cross collateral charges can be considered
• Multiple bridging loans can be considered
• No maximum loan size
• No facility fee products available
• Maximum term 12 months

AVMs available for standard bridging products.

We will only accept advised sales on a retained interest basis.

We are unable to consider any property that may have a restricted occupancy clause within the planning permission, for example it can only be occupied for a maximum of 11 months in any one year. Property with unrestricted occupancy can be considered provided our normal requirements are met. Similarly, property that can only be used for retirement or sheltered accommodation is not accepted. This is the same for any property where a planning restriction (e.g. agricultural restriction) effectively limits a property’s appeal on the open market.

This is required on any application where a form of refurbishment is to be completed.

Click here to download a copy of the form.

Suitable when short term finance is required against properties that have an existing mortgage.

Examples of when Second Charge lending could be used are:

• Deposit for an additional purchase
• Home improvement
• Business purposes
• To pay a tax bill
• Portfolio growth
• Purchasing land or development costs

Where a company director owns 25% or more of the company shares, they will be treated as self-employed.

Applicants should normally have been self-employed for a minimum of 3 years.

Income verification will be required where an exit strategy is by way of refinancing a residential property. In all other instances we will contact you to request income verification if required.

If your customer wishes to use a conveyancer that is not on our approved panel to act on their behalf they are able to do so, but will be responsible for paying all the conveyancing fees involved on the transaction for both their chosen conveyancer and those acting on behalf of Precise Mortgages. We will require a conveyancer to be selected from the approved panel to act on behalf of Precise Mortgages. Click here for further details.

We are unable to consider any property purchased under any social housing schemes (e.g. Right to Buy, Shared Ownership, Key Worker etc.).

Additionally, we are unable to consider remortgaging any property purchased under any scheme where the original vendor retains any interest or where any pre-emption clause remains.

On some occasions we may require a specialist’s report for the property, these most commonly comprise of:

• Timber and damp, electrical, trees, cavity wall tie
• Mining report (for long term lending these are obtained by the solicitors and a special condition is imposed at offer)
• Drainage report

Any specialist report should be prepared by a reputable firm. We will contact you if any of these reports are required.

We are able to consider making stage payments on a loan which will be tailored to the needs of the individual application. Please contact us to discuss the options we offer.

Short term finance is secured on a property that is in a habitable condition and does not require any improvement. Examples of when atandard bridging could be used are:

• When funds are needed quickly
• Meeting tight transaction deadlines
• Buying a property at auction
• Cash flow- funding for short term requirements
• Chain-break finance
• Landlords who want to make a quick purchase

In some instances a structural report may be requested by the surveyor.

Reports will only be accepted from members of the following bodies:

• The Institution of Structural Engineers (www.istructe.org)
• The Institution of Civil Engineers (www.ice.org.uk)

The report must be referred to the valuer for comment. If the report is not addressed to the applicant, written confirmation must be obtained from the originator that its contents may be relied upon by the applicant(s).

We will not lend on any property with either ongoing movement or where monitoring is required, where this is identified by either the valuer, or where evident in the structural engineer’s report.

Freehold - Not acceptable for flats/maisonettes.

Leasehold - Minimum remaining lease term is 70 years at the time of application.

Flying Freehold - A property with an element of Flying Freehold can be considered providing it does not exceed 10% of the total area.

Commonhold - Not acceptable.

If construction is non-traditional contact us for acceptability.

The following types of property are not considered acceptable:

• Live/work units or any property where commercial usage exceeds 20% will not be accepted
• Any property affected by Japanese Knotweed
• Any property deemed unsuitable security by the valuer
• Any property where there is ongoing movement/monitoring is required
• Property where material environmental hazards are present
• Property where saleability may be adversely affected by local planning or by an unsatisfactory mining search
• We are unable to consider any property being purchased under any social housing schemes. We are unable to consider remortgaging any property purchased under any scheme where the original vendor retains any interest or where any pre-emption clause remains’
• We will not lend where the property is affected by or within influencing distance of any significant factor which will have a negative impact on the property’s value or re-saleability (e.g. overhead pylons, sub stations, etc)

If the applicant requires urgent bridging finance, click here or further information.

Full requirements will be notified following case assessment however, the following identifies the standard requirements:

Precise Mortgages will instruct the valuation in all instances.

We will aim to use an AVM where possible for standard bridging finance providing:

• The purchase price/property value does not exceed £1,000,000
• The loan has a gross LTV of 50% or below

When multiple properties are used as security, an AVM can be used for each property where the overall LTV is 50% or below.

• The AVM achieves an acceptable confidence level as determined by Rightmove.

We will notify you at DIP stage if your application qualifies for an AVM.

If an AVM cannot be used a physical valuation will be required.

AVMs are not available for:

• HMOs
• Any property requiring an element of refurbishment.

Please note: Where more than 1 property is used as security for the loan we require each property to be valued. The charge for each valuation will be as per the table above. Once a valuation has been carried out the valuation fee is non-refundable. In all instances the valuation will be carried out on behalf of Precise Mortgages. All of the above valuation scale fees are inclusive of VAT (where applicable).