Brokers have welcomed Precise Mortgages’ move into residential lending which they say will plug the current gap in the credit-impaired market.
Precise, which lends exclusively through brokers, has gai-ned FSA approval to offer residential mortgages after a ninemonth wait. The lender laun-ched in May with a buy-to-let range and is backed by US equ-ity firm Elliot Associates.
Precise says it will focus on borrowers with a credit-imp-aired history, first-time buyers and the self-employed.
Emba group sales and marketing director Mike Fitzgerald says: “There are people who through no fault of their own have something small on their credit record that can cause big problems. If Precise is getting into that space, and if it has the funding, it is on to a winner.”
Mortgage Centre IFA group director Fahim Antoniades says: “At a time when there is a perception that the regulator has put up a lot of hurdles to new entrants, it is good to see a new entrant getting the green light.”