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Precise Mortgages FAQ
What are Precise mortgages?
Precise mortgages are available to consumers who wish to purchase a property. There are a wide range of mortgage products available, whether you’re an investor wishing to acquire a buy-to-let mortgage or simply an aspiring homeowner seeking a residential mortgage.
What is a repayment mortgage?
Repayment mortgages require borrowers to make a regular payment, monthly, in order to pay their mortgage back to the provider. These mortgages will include an amount of interest on top, so it pays to find the best rate and have a mortgage you are confident you will be able to repay over time.
Where can I find mortgage rates?
NerdWallet’s comparison table can help you compare Precise mortgages and find the product most suited to your requirements. Not only can you compare repayment mortgages to find the best rates, but some lenders such as Precise may also offer interest-only mortgages.
How do interest-only mortgages work?
Interest-only mortgages require a borrower to simply pay the interest on their mortgage when making monthly repayments. This brings down the costs down. Please note that the actual debt remains outstanding when the term expires, and the mortgage itself will eventually need to be paid back as a lump sum.
What credit score do I need for a Precise mortgage?
Providers don’t have a specific credit score requirement but, even so, if you measure a score out of 999 points then a score in the region of 800 would most likely help secure a wider variety of mortgage products with more affordable rates of interest. It does therefore pay to have good credit.
Can I repay my Precise mortgage early?
Early repayment can be facilitated with some providers, but always check to see if an Early Repayment Charge (ERC) is required. This is because some providers might wish to avoid customers paying ahead of time, and so they make it costlier to do so to compensate.
What happens if I default on a Precise mortgage?
As with any mortgage from any provider, defaulting on a Precise mortgage could have serious consequences for you and your finances. You might have to sell your home if you need to generate sufficient sums to pay down debt. Your credit score will be negatively impacted too.
What is a mortgage repayment vehicle?
Some borrowers with a interest only mortgage to repay use repayment vehicles as investments that run alongside their mortgage. These repayment vehicles can be investments in stocks and shares, buy-to-let properties, pension funds or even bonds.
What documents do I need to get a Precise mortgage?
When applying for a mortgage with Precise or most other providers, you would be expected to bring some form of ID, such as a passport or driver’s licence, as proof of identity. In addition, tax or utilities bills are useful to have available, as well as proof of income and physical copies of bank statements going back a number of months.
Services offered by this provider may change over time. Always check Ts&Cs.
NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.
Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ
Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE