Precise and Metro lower minimum property values




Metro Bank and Precise Mortgages have announced that they have both reduced their minimum property purchase price for mortgage products.

Precise Mortgages customers can now purchase properties from £50,000 outside of London – down from £75,000 – using its residential and buy-to-let products.

For properties in London, the minimum value remains £150,000 and for houses in multiple occupation in the capital the minimum value is £250,000 (£150,000 outside of London). 

Alan Cleary, managing director of Precise Mortgages, said: “We want to make our mortgage products accessible to more people and reducing the minimum property value criteria should help us [to] achieve that aim.”

Metro Bank has lowered its minimum property purchase price to £75,000 for both residential and buy-to-let products.

A spokesperson for Metro Bank said: “Metro Bank has previously focused on lending in London and the South East, however, with our expansion nationwide, we have begun to receive mortgage applications for lower value properties across England and Wales. 

“We have therefore reduced our minimum property value from £100k to £75k to reflect this new demand.”

Leave a comment