In these troubled times its freshing to see a new mortgage lender entering the market and provides some hope that all is not lost and that at least for some, the UK market is still worth the risk.
The Financial Services Authority (FSA) has just approved Precise Mortgages to be able to sell regulated mortgages in the UK market. Precise historically provided buy to let mortgages which don’t require the same FSA approval but has wanted to move into the retail mortgage market, providing loans to home owners.
Precise’s chief executive Ian Lonergan pointed out that the firm had been working hard to deliver a proposition that focused on quality whilst providing an outstanding example of compliance in terms of the The Financial Services Authority (FSA) approach to responsible lending.
The company wishes to market its products to customers who its identified as responsible lenders, they aim to be launching products as soon as spring 2011.
Ian Lonergan was quoted as saying: “we have identified good quality borrowers who have been starved of credit. 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.”
Precise was setup up by mortgage industry experts who wanted to create a new breed of lender that would be dedicated to the intermediary market. By providing a new option for borrowers, they hope to open the doors to new money to help those in the UK who are responsible lenders but who are finding it hard to secure home finance in the current market. They hope that their new offering will be a real alternative to the high street banks and building societies who are locking people out of being able to get good quality value for money credit.
They pride themselves on being fair and how they deal with all their customers, they believe that by working to the highest standards and having appropriate, processes, procedures and training, they will be able to make the right decision which will hopefully in the long term benefit their customers.
Precise mortgages have been in the buy to let market for sometime, their newest offering is a new range of mortgages which include a two year tracker mortgages at 4.89% and a lifetime tracker mortgage which starts at 4.99% both excellent rates for buy to let mortgages.
Borrowers are also offered £1000 cash back and free valuations if they go for Precise’s two year tracker which starts at 5.34%.
Alan Cleary Precise Mortgages’ managing director said: “In our continued commitment to help and support the intermediary market, we have launched a range that boasts both competitive rates and product features to benefit the client.”
He went on to add that: “We hope that the new range will help those borrowers that have been locked out of the investment mortgage market.”