Precise Mortgages and InterBay Commercial, both part of the OneSavings Bank group, have made changes to their mortgage ranges, including increasing LTVs

Precise has relaunched higher loan-to-value limits across its residential mortgage range and reintroduced adverse credit criteria for those with a less than perfect credit profile.

Products for customers with historical adverse credit have increased to a maximum LTV of 85%, up from 75%, while those with more recent adverse credit can avail of products with up to 80% LTV, up from 70%.

Rates on the new range start at 3.29% with a refund of the valuation cost available up to £630.

Precise Mortgages group mortgage proposition director Colin Barrett says: “We’re pleased to be able to reintroduce a majority of our core residential mortgage criteria, which we had to withdraw due to the pandemic.

“With the increase in house prices and the tapering of stamp duty, this could make a real difference and enable our broker partners to help their customers get the residential mortgage they need.

“With the added benefit of being able to offer a higher LTV limit to applicants with less than perfect credit profiles, we’re providing brokers with specialist lending solutions for customers who may be struggling to find the mortgage they need on the high street.”

Specialist lender InterBay Commercial has also brought back higher LTVs to its buy-to-let mortgage range, with an increase from 75% to 85%.

To support this move, the lender has also launched two new two- and five-year fixed rate products.

Further changes include removing the 20 bed limit on HMO (houses of multiple occupation) applications and removing the maximum loan size to support large loan cases.

The lender has also added a two-year fixed rate mortgage with £0 product fee, on applications up to £500,000.

InterBay Commercial head of specialist finance Emily Machin says: “By increasing the maximum LTV limit on our buy to let range to 80%, we’re confident this will appeal to our broker partners, especially as we now have no upper limits on loan size or number of bedrooms/units for HMOs/MUFBs and have the capability of combining properties onto a single application which saves an enormous amount of time.

“With regards to our new two-year fixed rate holiday let mortgage with £0 product fee, we’ve certainly seen an increase in demand from investors who already have an understanding of the holiday lets rental market. We know that investors are always looking for new opportunities for capital growth, to boost their rental yield and differentiate their asset class so this addition to our range will be welcomed.”