In This Article
Who are Precise Mortgages?
Precise Mortgages is a specialist residential mortgage and buy to let mortgage lender who is based in Wolverhampton. They were established in 2007.
Precise Mortgages is a trading name of Charter Court Financial Services Limited, which is authorised and regulated by the Financial Services Authority.
They are an intermediary-only lender, which means to access their products, you need to go through a mortgage advisor.
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What does Precise Mortgages specialise in?
Precise Mortgages offer a variety of mortgage products to suit a wide range of applicants. They offer residential, buy to let, bridging finance and second-charge loans.
Residential mortgages
For residential mortgages, they specialise in catering for those who do not fit with the leading high street lenders. These could be self-employed individuals or those with complex income, contractors, people with poor credit and first time buyers.
Buy to let mortgages
For buy to let mortgages, Precise can help with low yielding properties where landlords are looking to maximise the loan size.
They can help Landlords that own their properties either in their own name or in a limited company, and can also consider House of Multiple Occupancy properties (HMO), Multi- Units and holiday lets. Also landlords who are deemed portfolio landlords with large buy to let portfolios.
Bridging Loans
For Bridging, the offer regulated and non-regulated bridging loans which can be either first or second charge.
Regulated bridging loans are those where the loan is secured on a residential property that you, a family member live in.
Non-regulated bridging loans are secured on an investment property such as a buy to let property.
The most common reason for taking a bridging loan would be for a chain break (purchase before you have sold) with the repayment strategy to repay the bridging loan is the sale of your current home.
The second most reason for taking a bridging loan would be to purchase a property that is not habitable or unmortgageable on a standard mortgage.
Second charge loans
For second charge loans, Precise can help for either debt consolidation or home improvements.
Are Precise Mortgage rates competitive?
Precise mortgage rates may be slightly higher than other lenders, but they offer specialist products that could be the right fit for your needs.
There are a few things to remember when shopping for a mortgage: interest rates, fees, and the lender’s reputation.
Interest rates will depend on your credit score, how much you’re looking to borrow, and the length of the loan. It’s important to compare interest rates and fees from different lenders before deciding. Some fees are charged by the lender, like application and origination fees, while others, like appraisal fees and closing costs, are paid by the borrower. Be sure to carefully review the loan’s terms and conditions before deciding.
If you’re unsure which mortgage is right, consider speaking to a mortgage advisor who can review all your options.
Remortgaging with Precise
If you’re already a customer of Precise, you may be able to remortgage with them. However, they don’t offer a product transfer for all of their customers. It would be best to speak to a mortgage advisor who can review the whole market and handle the transfer for you. This would save you time and hassle.
Product transfer with Precise Mortgages
Product transfers with Precise Mortgages are only available through a mortgage advisor and can be executed up to three months before your current product rate and early repayment charge period expires but completion of the transfer cannot take place during an early repayment charge period.
Product Transfer process
Before your mortgage advisor can start the process, they will need authority from you to allow them to act on your behalf. You can call Precise and give the authority verbally by calling them on 0333 240 6180, alternatively, you can complete a letter to provide the authority.
Precise Mortgages will then run some assessments and confirm if you are able to switch the rate.
They will liaise with the mortgage advisor about the product and any changes you may want such as amending the term or making a lump sum overpayment.
Precise will then provide the mortgage offer to you and your advisor. You will need to ensure that there is a clear calendar month between us receiving the signed acceptance of offer and the product transfer completing.
How long does a Precise Mortgage application take?
At Precise, it usually takes around four weeks from application to offer. However, a mortgage application may take longer if the deal is more complicated, for example, due to bad credit, a non-standard property type, or complex self-employed income.
Bridging loans can be quicker, especially if you have set deadlines such as an auction purchase.
Have you been declined a Precise mortgage?
If you have been declined a Precise mortgage, you may want to consider speaking with a mortgage advisor. A mortgage advisor can give you advice to help you to find a mortgage lender who may be willing to provide you with a mortgage.
There are many reasons why someone might be declined a Precise mortgage, but some common reasons include having a very poor credit score, insufficient income, or too much debt.
Expert mortgage advisers should be able to find a lender that can help you.
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Conclusion
Precise Mortgages is a specialist residential and buy to let mortgage lender who are an intermediary-only lender, which means to access their products, you need to go through a mortgage advisor.
They offer a variety of mortgage products to suit a wide range of applicants focusing on those that do not fit with high street lenders, whereby the time from application to offer is approximately four weeks.
The range includes residential, buy to let, bridging finance and second charge loans.
Precise mortgage rates may be slightly higher than other lenders but keep in mind when shopping for a mortgage: interest rates, fees, and the lender’s service should all be considered.
If you are already a customer of Precise Mortgages, it may be best to speak to a mortgage advisor as they don’t offer a product transfer to all of their customers.
Should you want to speak to a mortgage advisor, please complete the contact form below, and I NEED ADVICE will match you with a mortgage advisor who can review the whole market and recommend the right mortgage for you.
Please note, although the information on this page is correct at the time of writing, lenders change their policy on a regular basis so please use it as a guide only.
To find out up to date information about lenders and mortgage advice in general, contact a qualified mortgage adviser.
The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.
If you are seeking advice about a mortgage, you should consult a qualified professional.
