COVID-19 update

Business as usual

As the impact of COVID-19 continues to affect us all, we wanted to thank you for your continued support. We remain dedicated to you and your customer and would like to reassure you that it’s business as usual here at Precise Mortgages. Our service remains strong, and we’re here to assist you and your customers as much as possible.

Full physical inspections for residential, buy to let, bridging finance and second charge loan applications will continue to take place through Connells via the usual process, in a COVID-secure manner. Connells have issued clear guidance surrounding property inspections. If this guidance isn’t adhered to, surveyors could choose not to proceed with a valuation, but still charge a fee for a visit.

Frequently asked questions

Residential applications

  • Furlough income is not acceptable as an income source.
  • SEISS payments aren’t acceptable as an income source.
  • Bounce back loans and CBILS aren’t acceptable as a source of deposit.

Buy to let applications

  • We’ll consider applications from landlords currently in receipt of furlough/SEISS payments, however top slicing is not available.
  • The latest bank statement is required to evidence rent / mortgage payments.
  • Bounce back loans and CBILS aren’t acceptable as a source of deposit.

There may be additional underwriting requirements. If you have any queries related to your application, please contact your business development manager.

Yes, for situations requiring face-to-face meetings, such as independent legal advice for Personal Guarantees or Signing of Occupiers Consents, in certain circumstances this may be undertaken by use of an electronic face-to-face medium. The solicitors acting should contact our underwriting team for further details.

As a regulated firm, our customer due diligence requirements are governed by Anti-Money Laundering legislation and therefore our scope to change is restricted. In order to meet legislation our requirement is that either Precise Mortgages or an authorised partner must see the original identification document prior to entering into the relationship.

In response to the COVID-19 situation, on a temporary basis and in order assist you and your customers, we’ll now accept the following documents uncertified.

Passport

A ‘clear’ photograph of the passport which must also be accompanied with a ‘selfie’ photograph of the holder.

Driving licence

A ‘clear’ photograph of the licence which must also be accompanied with a ‘selfie’ photograph of the holder. In addition your customer must use https://www.gov.uk/view-driving-licence and provide a code where the driving licence can be validated.

If your firm has implemented a digital ID solution that captures and validates a customer’s identity document we may be able to accept this. We’re already accepting copies of the validation reports containing the picture ID from a number of Digital ID providers including Amiqus, TransUnion, Credas, Onfido, LexisNexis, TrustID and Yoti.

Alternatively, your customer can send their identity document directly to us. It’s recommended that all documents are sent via registered post.

For intermediary use only
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