The numbers of defaults allowable in the last twelve months and the value allowable in the past two years have been increased and those over two years old will be disregarded.
CCJs older than two years will also be disregarded.
The lender’s automated decision system has also been revised to allow more borrowers to qualify.
These changes to lending policy have been possible due to the exceptionally high quality of the mortgage book originated over the last eighteen months.
Product choice has also been improved with new 2 and 3 year fixed rates on offer as well as the option to have a cash-back and a refund of valuation on all products subject to a £500 increase in the product fee.
Alan Cleary, managing director of Precise Mortgages, said: “Whilst the mortgage market may be in the doldrums we want to increase our lending over the coming twelve months and the changes we have made to criteria mean we will say yes to more borrowers. We will also be making an announcement in a few days about a complete revamp of our buy-to-let range and the launch of a near prime buy-to-let product.”
