Remortgaging From Precise Mortgages

Why People Remortgage From Precise Mortgages

Borrowers typically look to leave Precise Mortgages for these reasons:

• Falling onto a costly SVR — Precise's revert rate can exceed 9%, making it one of the more expensive options to remain on after your initial deal ends
• Simplified income — if you have moved from complex self-employment to a salaried role, mainstream lenders can now assess you more easily
• Credit rehabilitation — old CCJs, defaults or late payments may have dropped off your file, opening up cheaper products
• Portfolio restructuring — buy-to-let landlords may find better rates by moving individual properties to specialist BTL lenders with sharper pricing

Precise was likely the right choice when your circumstances were more complex. Reassessing once things have changed is simply good financial management.

Precise Mortgages Rates vs Mainstream Lenders

Precise positions itself as a near-prime and specialist lender, and its pricing reflects this. Fixed rate products from Precise tend to be 1.5% to 3% higher than equivalent mainstream deals, while their SVR can reach 9% or above.

For a borrower with a £180,000 mortgage, the difference between a Precise SVR of 9% and a mainstream fix of 4.5% translates to roughly £380 per month in savings. Over a five-year fixed term, that amounts to more than £22,000.

Even borrowers who cannot yet access the very best high street rates may find that moving to a different specialist or near-prime lender with sharper pricing delivers worthwhile savings.

How to Remortgage From Precise Mortgages

Switching away from Precise follows a standard remortgage process:

• Obtain your latest statement — confirm your outstanding balance, current rate and whether any early repayment charges apply
• Check your credit file — review your Experian, Equifax and TransUnion reports for accuracy and note any remaining adverse entries
• Speak to a whole-of-market broker — they can search across mainstream and near-prime lenders to find the best deal for your profile
• Apply for your new mortgage — the lender will assess your application, carry out a valuation and issue a formal offer
• Complete the remortgage — your solicitor handles the legal transfer and your Precise mortgage is redeemed

Starting the process three to six months before your current deal ends gives you the best chance of a seamless transition.

When Is the Right Time to Switch From Precise

The optimal time to remortgage depends on several factors:

End of your initial rate — this is the most common trigger. Moving before you hit the SVR prevents you from paying inflated monthly costs.

After building a trading history — if you were originally assessed on limited self-employed accounts, having two or three years of trading history can unlock mainstream options.

Once your credit file is clear — adverse markers typically remain for six years. Once they have lapsed, your options broaden considerably.

When equity has grown — rising property values or consistent capital repayments can push your loan-to-value into a lower band, qualifying you for better rates with a new lender.

Why Using a Broker Helps When Leaving Precise

Navigating the transition from a specialist mortgage to a mainstream deal requires careful handling, and a broker adds significant value here.

Not all mainstream lenders view previous specialist borrowing the same way. Some may question why you needed a specialist product in the first place, while others take a more pragmatic view. A knowledgeable broker understands these nuances and can steer your application towards the most receptive lenders.

For self-employed borrowers or landlords with complex portfolios, a broker can also package your income evidence in the way each lender prefers, increasing your chances of approval at the best possible rate.