Precise Mortgages, the specialist mortgage lender, has today confirmed that its application to enter into regulated mortgage contracts as lender has been approved. We have previously reported that Precise have a very restricted panel of conveyancing firms on their panel and that they justify it to avoid fraud.
Precise Mortgages launched into the unregulated buy-to-let market in May but will now be able to widen its product range to residential lending.
Ian Lonergan, CEO of Precise Mortgages, confirmed that it had been a very thorough process focussing extensively on the quality of the lender’s proposition, including its compliance with the FSA’s requirements in relation to Responsible Lending and its ability to bring secure funding to the UK mortgage market. Mr Lonergan also stated, ‘We are committed to bringing new funding to the UK mortgage market and it’s fantastic to get the green light from the regulator. Our dedication to the intermediary market remains as we continue with our strategy of distributing exclusively through mortgage brokers.’
Ben Thompson, Director of Mortgages for Legal & General, commenting on the news said "I am delighted that Precise Mortgages has got the approval it needs from the FSA in order to start residential lending. This is great news for mortgage brokers and borrowers. Precise Mortgages has an excellent infrastructure and business model and I am sure it will bring much needed products to sectors of the market that have been starved of credit.”
Alan Cleary, managing director of Precise Mortgages, concluded by saying, ‘We will shortly be launching a new range of products for owner occupiers to complement our BTL range. We also have plans to launch into new segments of the mortgage market early next year where we have identified good quality borrowers Precise Mortgages’ new range of buy to let mortgage products will be released on Thursday 28th October. The existing core, exclusive and semi exclusive range will be withdrawn on Wednesday 27th October at midnight.