Precise Mortgages is committed to helping advisors navigate the challenges they face, by providing the answers they need as efficiently as possible
This article was supplied by Precise Mortgages
In a volatile market, we’re committed to helping you navigate the challenges you may face. We know that time is money when you’re placing cases, so we want to give you the answers you need as quickly and as efficiently as possible.
So, in straightforward, speedy fashion, read on... for seven ways we can help you and your buy-to-let customers:
- Quick decisions
You’ve got a buy-to-let case on your desk, and you want to know whether we can help. The clock is ticking, but that’s alright because we’re able to give a decision in principle in a matter of minutes. And this will only leave a soft footprint on a customer’s credit profile. Keep up to date with our current processing times here.
- Straightforward criteria
Sometimes a quick ‘no’ is as good as a quick ‘yes’ and that’s why our straightforward criteria can let you know whether or not we could help - up front. Our online criteria guide is easy to use and is accessible 24/7, for times when you need your answer out of hours.
- Simplified ICRs and reduced assessment rates
You may have missed this, so just in case… To help more of your customers secure the loan size they need, we recently simplified the minimum interest cover ratio (ICR) for personal ownership applications by aligning the calculation for higher rate and additional rate taxpayers at 140%.
That’s 5% lower than it was previously for higher rate taxpayers and a massive 20% less for additional rate taxpayers.
Not only that, but to open up more affordability options, we’ve reduced the assessment rate calculation on our short-term fixed rates and variable rate trackers. We now assess them at pay rate plus 1.55% at a minimum of 5.50%. This applies to all customers, so whether they’re looking to purchase or remortgage and need finance for a single dwelling or an HMO property, everyone stands to benefit. Find our latest buy to let products here.
- Top slicing for greater flexibility
Now we’re getting into the buy-to-let specifics of our criteria. Our top slicing feature enables customers to use their surplus portfolio income, earned disposable income or a combination of the two to prove they can meet any financial stresses on a new loan application, rather than through the rental income of the property alone.
Not only could it give landlords greater choice for new purchases in the way they manage their properties, helping them maximise their investment opportunities, it could also help them to achieve greater flexibility around loan size.
If you’re unsure of how this works, or want further detail, have a look at our top slicing explained one-pager for a quick breakdown.
- Refurbishment buy-to-let with energy efficiency options
Our refurbishment buy-to-let proposition combines short-term finance with the security of a long-term exit and provides a choice of three exits depending on the type of refurbishment work being carried out.
To help those landlords looking to improve the energy performance certificate (EPC) rating of their properties, our offering now includes an option to finance refurbishment work which includes some element of energy efficiency, such as installing a new boiler or adding insulation. It also features an EPC C+ option to finance work on a property already rated EPC C or above, or if it will be awarded a C rating following completion of the work. Our complete guide to refurbishment buy to let has more details.
- Dual-branded broker support to give an alternative option when Precise isn’t the answer
As part of OSB Group, our Precise Mortgages BDMs are dual-branded so they can also discuss cases that might better suit our sister company, Kent Reliance for Intermediaries. As experts in what both brands can offer, this enables them to provide even more support, further enhancing the service we can offer you and your customers. So, if a case doesn’t quite fit with one brand, they can see if it would be better placed with the other, and vice versa.
- Multiple contact options to get the answers you need
The Live Chat function on our website has already been used thousands of times by brokers who want to talk with us about our buy-to-let products and policies, for quick answers on our criteria. This is manned by our broker liaison team who are also available to chat on the phone, if you prefer.
The creation of the dual-branded sales team also saw us launch an office-based BDM team which is on hand to speak with you over the telephone, email or via video-conferencing – the choice is yours.
You’ll receive all the help you’d expect from a member of our field-based BDM team and the office-based team mirrors the regions for which the BDMs, who are out on the road, are responsible. You will speak with the same person every time.
And if your local field-based BDM isn’t available, with our office-based BDM team on-hand if you’ve got a query about a case, you’ll never have to wait long to get the answer you need.
To find out more about how we could help your buy-to-let customers, speak with your business development manager, call our dedicated support service on 0800 116 4385 or get in touch using our Live Chat.
