Free valuations. On us.
Residential
Residential Key criteria
Loan amounts and LTV limits.
Min loan size
£25,001 (unless otherwise specified)
Capital repayment
£5m up to 85% LTV (unless otherwise specified)
£3m up to 90% LTV
£2m up to 95% LTV
Interest only
£1m up to 75% LTV
Part and part*
£1m up to 70% LTV
£750K up to 75% LTV
Remortgages with Debt Consolidation is limited to 90% LTV
Studio Flats: Purchase and Remortgage is limited up to 70% LTV
New Build: Purchase and Remortgage is limited up to 90% LTV
Where deposit includes a builder’s Incentive – maximum 85% LTV.
*Noting: Interest only element cannot exceed 50% LTV
Max loan size
See product guide
Applicant.
Min age
18 years
Max age
75 where proof of retirement is supplied
Max number of applicants
2
Min income
£10,000 (primary applicant)
Bank of England base rate (BBR) reversion rate.
BBR reversion rates are variable rates linked to the Bank of England base rate.
BBR reversion rates have a floor. This means that if BBR were to fall to 0.00% or less the rate payable will be 0.00% plus the agreed set percentage above BBR. This means that the rate payable will never go below 0.00% plus the additional percentage rate.
Repayment methods.
Capital repayment
Max up to 95% LTV
Interest only
Max 75% LTV
Part and part
Max 75% LTV, interest only
element cannot exceed 50% LTV
Affordability calculated on the selected repayment method. If an interest only element applies, a suitable repayment vehicle must be in place.
Suitable repayment vehicles
- Sale of the mortgaged property
- Sale of an additional property
- Savings or investments
- Pension
The value of the repayment vehicle at application must cover the interest only loan amount (inclusive of fees) at mortgage term end.
Term.
Min
5 years
Max
40 years
- NEW – Free Standard Valuations on properties up to £400k
- Rates from 5.38%
- Up to 97% LTV
- Up to 6x income
- 40-yr terms
- Debt Consolidation up to 90% LTV
- New Builds up to 90% LTV
- Loans up to £5m
- Customers looking for an alternative to high street lenders
- Customers with adverse credit history
- Self-employed customers with only 1 year’s accounts
- Home movers
- Remortgages
- New build purchases
- First-time buyers
- Defaults - up to 5 in 24 months
- CCJs - up to 3 in 24 months
- Secured arrears - up to 3 in 36 months (1 in 12 months)
- DMPs satisfied > 36 months can be considered up to 95% LTV
- All subject to our internal credit scoring
- NEW – Free Standard Valuations on properties up to £400k
- Rates from 5.38%
- 1yr, 2yr & 5yr fixed rates
- £0, £995 & 1% fee options
- £99 assessment fee on all products
- Low stress rates
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When completing a mortgage, both Precise and your customer will need a conveyancer to complete the necessary legal work associated with the transaction.
Please ensure that you read the following information carefully and you are clear on the conveyancing option and conveyancer that your customer has selected. One of the main reasons customers experience application delays with Precise is due to the provision of incorrect conveyancer details.
There are three conveyancing options available for your customers to choose from, helping to provide them with more choice in representation. Click on each option below to find out more.
1. Preferred Conveyancer Panel Joint Representation
The Preferred Conveyancer Panel consists of conveyancing firms that we have worked with for some time and provide nationwide coverage across our lending areas.
If your customer selects Preferred Conveyancer Panel Joint Representation, it is important that they understand:
- Precise will instruct the conveyancer to act on both the company’s and the customer’s behalf
- We do not operate a set tariff of fees for conveyancing work – your customer should negotiate the applicable fees direct with the conveyancer they have chosen to represent them
- Your customer is responsible for paying all the legal fees including those incurred in connection with the mortgage
Members of the Preferred Conveyancer Panel are as follows:
| England and Wales | |||
|---|---|---|---|
| Blacks Solicitors LLP | 0113 227 9396 | www.blacksconnect.co.uk | City Point, 29 King Street, Leeds, LS1 2HL |
| Gordons Property Lawyers | 0844 770 9898 | www.gplawyers.co.uk | SC House, Vanwall Road, Maidenhead, Berkshire, SL6 4UB |
| JMW Solicitors | 0345 872 6666 | www.jmw.co.uk | 1 Byrom Place, Manchester, M3 3HG |
| Swiitch (a trading name of Shoosmiths LLP) | 0370 086 8788 | www.swiitch.law | The Lakes, Northampton, Bedford Road, NN4 7SH |
| Scotland | |||
| McDougall McQueen (a trading name of Allan McDougall McQueen LLP) | T: 0131 228 1926 F: 0131 228 9193 |
www.mcdougallmcqueen.co.uk | 103-105 Bruntsfield Place, Edinburgh, EH10 4EQ |
| Gilson Gray | 0131 516 5378 | www.gilsongray.co.uk | 29 Rutland Square, Edinburgh, EH1 2BW |
| 0141 530 2021 | 160 West George Street, Glasgow, G2 2HG | ||
| McVey & Murricane | 0141 333 9688 | www.mmilegal.com | Albert Chambers, 13 Bath Street, Glasgow, G2 1HY |
| Moray Legal Ltd | 0330 127 2600 | www.moray.group | The Forsyth Building, 5 Renfield Street, Glasgow, G2 5EZ |
| Strefford Tulips Ltd | T: 0169 842 9428 F: 0169 830 3020 |
www.strefford-tulips.co.uk | Muirbrow Chambers, 118 Cadzow Street, Hamilton, South Lanarkshire, ML3 6HP |
| VMH Solicitors | 0131 622 2626 | www.vmh.co.uk | 8 Sibbald Walk EDINBURGH EH8 8FT |
| Wallace Quinn & Co Ltd | 0141 771 3911 | www.wallacequinn.co.uk | Suite 1/3 21 Glasgow Road Baillieston G69 6JT |
| Your Conveyancer | 0344 576 7777 | www.yourconveyancer.co.uk | East Port House, 12 East Port, Dunfermline, KY12 7JB |
2. Core Conveyancer Panel Joint Representation
Our Core Conveyancer Panel offers further choice in representation within England and Wales.
If your customer selects Core Conveyancer Panel Joint Representation, it is important that they understand:
- Precise will instruct the conveyancer to act on both the company’s and the customer’s behalf
- We do not operate a set tariff of fees for conveyancing work – your customer should negotiate the applicable fees direct with the conveyancer they have chosen to represent them
- Your customer is responsible for paying all the legal fees including those incurred in connection with the mortgage
See our Core Conveyancer Panel here.
3. Separate Representation
Your customer can choose a conveyancer who does not appear on either of the panels detailed above. If opting for separate representation, your customer will need to select a member of the Preferred Conveyancer Panel to act for Precise.
If your customer selects Separate Representation, it is important that they understand:
- They are responsible for the payment of the legal fees for both their conveyancer and the conveyancer they have chosen to represent Precise.
- Precise will instruct the conveyancer that your customer has chosen to act on the company’s behalf
- Your customer is responsible for the instruction of the conveyancer they have chosen to represent them
Applications where Separate Representation is selected can take longer than standard applications to progress to completion.
Telegraphic Transfer: £25
Redemption admin fee: £21
All fees include VAT (where applicable)
| Property value | Standard valuation fee | Homebuyers report fee |
|---|---|---|
| Up to £100,000 | £0 | £390 |
| Up to £150,000 | £0 | £420 |
| Up to £200,000 | £0 | £470 |
| Up to £250,000 | £0 | £525 |
| Up to £300,000 | £0 | £590 |
| Up to £350,000 | £0 | £635 |
| Up to £400,000 | £0 | £720 |
| Up to £450,000 | £410 | £775 |
| Up to £500,000 | £450 | £865 |
| Up to £600,000 | £515 | £925 |
| Up to £700,000 | £570 | £975 |
| Up to £800,000 | £630 | £1,025 |
| Up to £900,000 | £740 | £1,075 |
| Up to £1,000,000 | £795 | £1,225 |
| Up to £1,250,000 | £910 | £1,475 |
| Up to £1,500,000 | £1,020 | £1,775 |
| Up to £1,750,000 | £1,135 | £1,875 |
| Up to £2,000,000 | £1,360 | £2,025 |
| Up to £2,200,000 | £1,420 | £2,765 |
| Up to £2,400,000 | £1,535 | £2,965 |
| Up to £2,600,000 | £1,645 | £3,165 |
| Up to £2,800,000 | £1,760 | £3,370 |
| Up to £3,000,000 | £1,870 | £3,570 |
| Up to £3,200,000 | £1,985 | £3,775 |
| Up to £3,400,000 | £2,095 | £3,975 |
| Up to £3,600,000 | £2,210 | £4,180 |
| Up to £3,800,000 | £2,320 | £4,380 |
| Up to £4,000,000 | £2,435 | £4,580 |
| Up to £4,200,000 | £2,545 | £4,785 |
| Up to £4,400,000 | £2,660 | £4,985 |
| Up to £4,600,000 | £2,795 | £5,190 |
| Up to £4,800,000 | £2,910 | £5,415 |
| Up to £5,000,000 | £3,020 | £5,620 |
| Up to £5,500,000 | £3,300 | £6,125 |
| Up to £6,000,000 | £3,585 | £6,630 |
| Up to £6,500,000 | £3,865 | £7,135 |
| Up to £7,000,000 | £4,145 | £7,640 |
| Up to £7,500,000 | £4,430 | £8,145 |
| Up to £8,000,000 | £4,710 | £8,650 |
| Up to £8,500,000 | £4,990 | £9,155 |
| Up to £9,000,000 | £5,270 | £9,660 |
| Up to £9,500,000 | £5,550 | £10,170 |
| Up to £10,000,000 | £5,835 | £10,675 |
£99 assessment fee on all property values.
Other fees:
Standard valuation and assessment fee is payable on application to Precise Mortgages for all products unless otherwise stated.
The amount charged includes both fees. The valuation fee is refundable if the valuation is not carried out.
All fees include VAT (where applicable)