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Your five most common questions: How to quickly find the answers you need


Richard Keen, Sales Support Manager

Published 26.09.2019

Following the launch of the Sales Support Team, we’ve responded to thousands of enquiries from brokers needing help with their customers’ cases. Hopefully you’ve found the answers we’ve given helpful, and we’ve been able to save you time and effort with your customers’ applications.

We know you’re busy and that getting in contact with us can eat into your valuable time, so did you know that many of the answers are just a few clicks away on our website? I’ve listed the five things we’re asked about most regularly and included a link to where you can quickly find the information you need.

1. Credit history

Many customers believe that a credit blip in the past will mean they won’t be able to get the mortgage they want now, so it’s worth knowing that we’ll consider customers with CCJs, defaults, DMPs and missed payments. In fact, in a recent survey1 65% of brokers said they had used us for customers with adverse credit who needed a residential mortgage, and 15% of brokers had used us for adverse credit on a buy to let mortgage.

Find out more about how we can help in the Adverse Credit section of our Online Criteria Guide.

2. Applicant criteria enquiries

We get a lot of calls from brokers with customers underserved by the inflexible lending criteria set by high street lenders. At Precise Mortgages, our mission is simple – to broaden the criteria for mortgage approvals to support buy to let entrepreneurialism.

For example, you might be interested to know that the maximum age at application for our buy to let mortgages is 80 (minimum age is 21), with a maximum term of 35 years. Customers can borrow between £40,000 and £3 million, with 80% LTV available on loans of up to £500,000.

You can find full details in our Buy to Let Mortgages Criteria Guide.

3. Portfolio criteria

The buy to let industry has become more professionalised in recent years, as casual landlords with one or two properties have increasingly exited the market, whilst landlords with larger property portfolios have remained. The average landlord now has 8.6 properties in their portfolio2 and, for the first time, the majority of landlords now say they intend to buy their next property within a limited company structure.

You can find out all you need to know about the criteria relating to portfolio landlords, including information about our simple time-saving process, on our dedicated Portfolio Landlord webpage.

4. Top slicing

If your customer is struggling to achieve the loan size they want, did you know our top slicing option allows them to use their surplus earned and/or portfolio income to demonstrate they could meet any financial stresses, rather than through the rental income of the property alone? We now accept top slicing on all eligible personal ownership, limited company, portfolio, HMO, and holiday and student let applications (first time buyers are excluded).

To find out more about top slicing, read our Top Slicing: Frequently Asked Questions factsheet.

5. DIP decline reasons

A DIP can be declined for a number of reasons and can be down to something as simple as a keying error. If you’ve had a DIP declined recently, the chances are you’ll have already received a call from us. Our team is dedicated to quickly finding alternative solutions to help you and your customer and will talk you through anything we may have identified to help convert the decline into an accept.

You can always get an indication of the maximum loan amount your customer could borrow before completing a DIP by using our Buy to Let and Residential Mortgages calculators.

The above are the five things we’re most used to answering questions about, but don’t forget our dedicated support team is on-hand to answer any other questions you might have about your customers’ cases. If you’ve got a question, give them a call on 0800 116 4385 or email [email protected].

Sources: 1 Outbound call update August 2019
2 BVA BDRC Landlords Panel Report Q2 2019


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