Precise Mortgages review: is it the right lender for you?

Precise Mortgages is a specialist lender that helps homeowners and landlords who don't fit traditional high-street lending criteria. It's part of OSB Group, one of the UK's largest specialist lenders, and has been lending since 2010. If you've got complex income, past credit issues, or you're a portfolio landlord, Precise Mortgages could be worth considering.

This review breaks down everything you need to know about Precise Mortgages, including its products, eligibility criteria, fees, and how it compares to other specialist lenders like Pepper Money and Together.

Important: we're a broker, not a lender. We connect you with specialist advisors who can access Precise Mortgages and compare it against other options for your circumstances.

Precise Mortgages products are secured against your home, so it's worth understanding the risks involved before you apply - we cover these in detail later in this guide.

Overall, we rate Precise Mortgages 4 out of 5.

Best for

Self-employed borrowers, portfolio landlords, applicants with light adverse credit, and homeowners looking to borrow against their equity through a second charge loan.

Not ideal for

Borrowers with clean credit and straightforward income, who'll usually find cheaper pricing on the high street.

Where Precise could improve

• Rates are typically higher than high-street lenders, reflecting the additional flexibility on offer
• Intermediary-only, so you can't apply direct
• Some customers report slower communication during underwriting on more complex cases
• Valuation fees are non-refundable even if the application is later declined

Precise Mortgages launched in 2010 as part of Charter Court Financial Services, a company set up in 2008 to provide specialist mortgage lending. From the start, it was designed to serve borrowers who struggled to get approved by mainstream banks, including the self-employed, those with complex income, and people who'd had past credit difficulties.

In October 2019, OneSavings Bank acquired Charter Court Financial Services, bringing Precise into what's now known as OSB Group. This made Precise part of one of the UK's largest specialist lending groups, alongside sister brands like Kent Reliance for Intermediaries and InterBay Commercial.

Precise is based in Wolverhampton and uses a technology-driven approach to underwriting. It's authorised by the Prudential Regulation Authority (PRA) and regulated by both the PRA and the Financial Conduct Authority.

What makes Precise a specialist lender?

Unlike high-street banks that rely heavily on automated credit scoring, Precise takes a more nuanced approach. Its underwriters look at the whole picture rather than just ticking boxes, which means they can often say yes where mainstream lenders would decline.

This specialist approach particularly suits:

• Self-employed borrowers who don't have straightforward payslips
• Landlords with multiple properties who exceed mainstream portfolio limits
• People with past credit issues who've since stabilised their finances
• Those with complex income from bonuses, overtime, or multiple sources
• Contractors with less than two years of accounts

The trade-off is that Precise's rates are typically higher than you'd get from a high-street bank. Speak to an advisor to find out whether the flexibility is worth the extra cost for your circumstances.

Precise offers four main product categories, each designed for different borrowing needs. Pricing and criteria change regularly, so speak to an advisor for current figures - here's how the ranges are structured.

Residential mortgages

Precise's residential range covers purchases, remortgages, and Help to Buy schemes, for owner-occupiers who'll live in the property themselves.

Repayment methods available include capital and interest (the standard option), interest-only (up to 65% LTV with a suitable repayment vehicle), and part-and-part, where the interest-only element can't exceed 50% LTV.

Buy-to-let mortgages

Precise has built a strong reputation in the buy-to-let market, particularly for portfolio landlords and limited company structures. Key features include:

• Personal and limited company ownership accepted
• Up to 20 buy-to-let loans per individual with Precise, with no limit on properties held with other lenders
• Combined value up to £10 million with Precise
• HMO and multi-unit properties accepted
• Minimum rental cover of 110% of the payment at pay rate

A portfolio landlord (someone with 4 or more mortgaged buy-to-let properties) can use Precise if they meet additional criteria around overall portfolio performance and stress testing.

Bridging loans

Precise offers regulated and unregulated bridging finance for short-term borrowing needs, commonly used for:

• Property purchases at auction
• Chain breaks
• Light refurbishment projects
• Heavy refurbishment requiring planning consent
• Conversions to HMOs (up to 20 lettable rooms)
• Conversions to flats (maximum 6 units)

Key features include LTV up to 75%, no exit fee, first and second charge options, and Automated Valuation Models available up to 60% LTV for faster completion.

Second charge loans (secured loans)

Precise offers second charge loans for homeowners who want to borrow against their equity without remortgaging their existing deal. Key features include combined borrowing up to 85% of the property value, loan amounts from £5,000 to £100,000 (at 85% LTV) or up to £250,000 at lower LTVs, 2 and 5-year fixed rate terms, and no early repayment charges on some products.

Second charge loans can work well if you're locked into a good rate on your first mortgage and don't want to remortgage the whole amount at current rates.

If you're reading this review because you're considering borrowing against your home, it's worth understanding exactly what a secured loan involves before looking at the specifics of Precise's offering.

What is a secured loan?

A secured loan, sometimes called a second charge mortgage or homeowner loan, lets you borrow money using your property as security. Unlike a remortgage, where you replace your existing mortgage, a secured loan sits alongside it as a separate agreement.

How it works in practice

Let's say you own a home worth £300,000 with £150,000 left on your mortgage. That gives you £150,000 in equity. If a lender offers up to 85% LTV, your maximum combined borrowing would be £255,000, leaving you with the potential to borrow up to £105,000 as a secured loan (£255,000 minus your existing £150,000 mortgage).

What affects how much you can borrow?

Several factors determine your maximum borrowing.

Property value and existing debt: your equity (property value minus what you owe) sets the upper limit. Most specialist lenders cap combined borrowing at 80-85% LTV.

Income and affordability: lenders assess whether you can afford the monthly payments alongside your existing commitments, including your mortgage, other loans, credit cards, and living costs.

Credit history: with Precise, you can have past credit issues, but nothing registered in the last 3 months. The severity and recency of any credit problems affects which product tier you qualify for and the rate you're offered.

Property type: standard freehold houses are easiest to borrow against. Non-standard construction, short leases, or unusual property types may limit your options.

Rates and fees change regularly, so it's worth speaking to an advisor for current figures. In general, Precise's pricing depends on your loan-to-value, product tier, and credit profile, with rates typically higher than you'd find on the high street to reflect the additional flexibility on offer.

Fee structure

Precise offers flexibility with fees, letting you choose between paying more upfront for a lower rate or reducing upfront costs by accepting a higher rate. Product fee options typically include a percentage of the loan amount, a flat fee, or a fee-free option at a higher rate.

How fees affect the true cost

Whether it's worth paying a fee upfront depends on how long you plan to keep the deal. Paying a fee for a lower rate tends to work out cheaper if you'll hold the mortgage for its full term, while a fee-free option at a higher rate can work out cheaper if you expect to remortgage within a few years. Ask your advisor to model both options against your specific loan amount and circumstances before deciding.

One of Precise's main selling points is flexible eligibility criteria. Here's what matters most.

Basic requirements

• Age: minimum 18, maximum varies by product (typically 75-85 at the end of term)
• Residency: UK residents
• Employment: employed, self-employed, contractors, or retired
• Property location: England, Wales, and Scotland (not Northern Ireland)
• Property type: houses and flats, with restrictions on studio flats and certain construction types

Credit history: the tier system

Precise uses a tiered product system, where your credit history determines which products you can access and at what rate.

Critical rule: no defaults, CCJs, or secured arrears can be recorded in the 3 months before your application. This is a firm boundary regardless of your overall credit situation.

Self-employed and complex income

Precise is more flexible than mainstream lenders when it comes to assessing income:

• Usually 2 years' accounts required, though some products accept 1 year
• SA302 tax calculations and tax year overviews accepted
• Contract income considered based on contract value and remaining term
• Multiple income sources can be combined
• Bonus and overtime income may be included, typically at 50-100% depending on consistency

Property restrictions

Not acceptable:

• Properties requiring structural work
• Agricultural ties without conditions
• Commercial properties (pure commercial, not semi-commercial)
• Properties in areas of significant subsidence
• Certain non-standard construction types

Acceptable with conditions:

• Ex-local authority properties
• Studio flats (up to 70% LTV only)
• New builds (up to 90% LTV)
• Leasehold properties (minimum lease term requirements apply)
• Properties with solar panels or Japanese knotweed (assessed case by case)

Understanding the full cost of taking out a mortgage or secured loan with Precise helps you budget properly and compare against alternatives.

Your actual monthly cost will depend on your rate, term, and loan amount, all of which vary by circumstance. Ask your advisor for a personalised illustration before you commit, so you can see exactly what you'd repay each month and over the full term.

Secured loans and mortgages carry serious risks you need to understand before borrowing.

Your home is at risk

This isn't just legal small print. If you miss payments, Precise (or whoever owns your loan) can ultimately take your home to recover the debt. Before borrowing secured, honestly consider:

• Could you afford payments if interest rates rise?
• What would happen if your income dropped, through job loss, illness, or reduced hours?
• Do you have savings to cover payments during a difficult period?
• Is the borrowing genuinely necessary, or could you achieve your goal another way?

Early repayment charges

Many Precise products carry early repayment charges during the initial fixed or discounted period, typically a percentage of the outstanding balance, which can mean thousands of pounds if you want to pay off early or remortgage. Check the early repayment charge terms before you commit, especially if you might sell the property within the fixed period, come into money and want to clear the debt, or want to remortgage when rates fall. Some Precise second charge products carry no early repayment charges, which offers more flexibility but may come with a higher rate.

Variable rate risk

After any initial fixed period, Precise mortgages typically revert to a variable rate linked to the Bank of England base rate. If the base rate rises, your payments will increase. Ask your advisor to explain what would happen to your payments if the base rate moves before you commit to a deal.

Impact on your options

Taking out a secured loan or mortgage can affect your credit score (applications create hard searches visible to other lenders), your future borrowing (higher debt levels reduce how much you can borrow elsewhere), your moving options (you'll need to repay or transfer the debt when selling), and your equity position (borrowing against your home reduces your financial cushion).

When Precise might not be the right choice

Consider alternatives if you have excellent credit and straightforward income (high-street rates will likely be cheaper), you only need a small amount (an unsecured personal loan may be simpler and cheaper), you're already stretched financially (adding secured debt increases risk), or your property has issues that could complicate a valuation.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

If you're struggling with existing debts or worried about affordability, free and impartial guidance is available from MoneyHelper on 0800 138 7777.

Precise is an intermediary-only lender, meaning you can't apply directly. You'll need to work with a mortgage broker who has access to Precise's products and can compare them against alternatives.

You'll typically need to provide:

• Proof of ID, such as a passport or driving licence
• Proof of address, such as utility bills or bank statements
• Income evidence - payslips and a P60 if you're employed, or 2 years' accounts or SA302s if you're self-employed
• Bank statements, usually covering the last 3 months
• Your existing mortgage statement, for remortgages or second charges
• Evidence of your deposit source, for purchases

Contractors will also need their current contract and evidence of their contract history.

It's worth comparing Precise to other specialist lenders before deciding where to apply.

Advantages

• Accepts past credit issues: Precise will consider defaults, CCJs, and debt management plans, provided nothing's been registered in the last 3 months.
• High LTV options: up to 97% LTV on residential mortgages when fees are added to the loan.
• Strong buy-to-let range: handles portfolio landlords and limited company structures well, including HMOs and multi-unit properties.
• Technology-driven platform: automated systems and clear criteria mean faster initial decisions on straightforward cases.
• Flexible fee structure: choose between a percentage fee, a flat fee, or a fee-free product depending on what suits your circumstances.
• Range of products: residential, buy-to-let, bridging, and second charge loans are all available under one lender.

We've looked at feedback from Trustpilot, Smart Money People, and industry sources to give you an honest picture of what customers say about Precise.

Trustpilot: 4.0/5 from 4,000+ reviews

What customers praise:

"Superb and delightful service. The processing time, though thorough, was quite fast and efficient. The disbursement was not just fast but highly commendable."

"Easy application, straightforward, excellent communication, quick response. Couldn't recommend Precise enough."

"I needed a £100,000 bridging loan quickly to buy my new house and Precise were brilliant. Everything was straightforward, the rate was fair, and the money was there in less than a week."

Common positives:

• Speed of processing on straightforward cases
• Clear communication through brokers
• Willingness to approve cases others decline
• Efficient technology and systems

What customers criticise:

"It took considerable time to organise the bridging mortgage. Having said this I was kept informed about how the negotiations were going between solicitors."

"Efficient service, issued mortgage offer soon. Can't complain, although rates not as good as high street lenders, but as a portfolio landlord we have fewer options."

"The name is accurate, Precise like everything to be precise! Mainly a smooth process with a few unnecessary stressful holdups thrown in the middle."

Common criticisms:

• Rates higher than high-street alternatives
• Valuation fees lost if the application fails
• Some cases experience communication delays during underwriting
• Being intermediary-only can feel impersonal

Smart Money People feedback

Reviews on Smart Money People tend to be more mixed, with a smaller sample size. Some customers report excellent experiences, while others express frustration with specific situations like valuations or rate changes.

Our assessment

Precise appears to deliver well on its core promise: providing mortgage options for people who don't fit mainstream criteria. Customer satisfaction is generally high among those who understand they're paying specialist rates for a specialist service.

Complaints typically fall into two categories: unmet expectations from customers who expected high-street rates or service, and specific case issues around valuations, documentation requests, or communication during complex underwriting.

If you go in with realistic expectations about pricing and understand the intermediary-only model, you're more likely to have a positive experience.

Precise Mortgages tends to work well for certain borrower profiles, and less well for others.

Precise Mortgages is likely to suit you if:

• You're self-employed with solid income that comes through company dividends, a director's salary, or an irregular pattern that confuses mainstream lenders.
• You're a portfolio landlord. With up to 20 loans per individual and combined values up to £10 million, Precise handles portfolio lending well, with limited company options and HMO products adding flexibility.
• You've had past (not recent) credit issues. If your credit difficulties happened more than 3 months ago and your finances have since stabilised, Precise's tiered approach means you can often still borrow, albeit at a higher rate than clean-credit applicants.
• You need a high LTV. Precise offers up to 97% LTV on residential mortgages, where most specialist lenders cap at 85-90%.
• You're on a good existing mortgage rate. If you're locked into a competitive rate with penalties to leave, a Precise second charge loan lets you access equity without disturbing your main mortgage.

You might be better off looking elsewhere if:

• You have excellent credit and straightforward income. You'll likely get better rates from high-street lenders, so there's no need to pay specialist pricing if you don't need specialist flexibility.
• You have very recent credit issues. The 3-month clear rule on defaults, CCJs, and secured arrears is firm. If your adverse credit is very recent, you'll need to wait or look at another lender.
• You'd prefer to apply directly. Precise is intermediary-only, so this isn't the right option if you strongly prefer dealing with a lender directly.
• You need a guarantor mortgage. Precise doesn't offer guarantor products. If you need family support to get on the property ladder, look at lenders that offer this option instead.

Overall, we rate Precise Mortgages 4 out of 5.

Final recommendation

Precise Mortgages does what it sets out to do: provide mortgage options for people who don't fit the high-street mould. If you're self-employed with irregular income, a portfolio landlord, or recovering from past credit difficulties, Precise should be on your shortlist.

The key is going in with realistic expectations. You'll typically pay more than you would with a mainstream lender, the process is intermediary-only, and while the technology makes things efficient, you're dealing with a specialist lender rather than a high-street bank with branches on every corner.

For the right borrower, Precise offers genuine value: the ability to borrow when others say no, at a rate that, while higher, reflects the risk the lender is taking on.

When to look elsewhere

If you have excellent credit, straightforward employment, and a sizeable deposit, start with high-street lenders - you'll get better rates. If you need very flexible criteria, human underwriting on complex cases, or have very unusual circumstances, it's worth comparing Pepper Money or Together as alternatives. If you want direct lender access or need guarantor products, Precise isn't the right fit.