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Are you ready for the PRA Changes? Precise makes changes.

21 November 2016

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As you will be aware, the PRA is introducing changes to the way regulated lenders underwrite buy to let applications on 1 January 2017.

As a result of this regulation, Precise Mortgage underwriting approach will be changing.

In order to secure cases using their current criteria - rental cover calculated at 125% of the interest only payment of the loan based on the higher of the pay or revert rate - you need to do the following:

  • You must have your DIP at status ‘DIP Accept’ by 6pm Wednesday 14 December.
  • You must have full applications at status ‘Application submitted’ by 6pm Friday 23 December.

More details to follow.

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