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Precise Mortgages moves into residential lending

ALAN_CLEARY.jpg

Precise Mortgages is to start lending to homeowners from November after gaining FSA approval.

The firm, with lends exclusively through intermediaries, says it will focus lending on borrowers with a credit impaired history, first-time buyers and the self-employed.

Precise Mortgages was launched in May with a buy-to-let range and is backed by US based equity firm Elliot Associates.

The FT says the move into residential mortgages took nine months to gain approval from the FSA.

Precise Mortgages managing director Alan Cleary (pictured) says: “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 who have been starved of credit.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Good news and good luck with the launch. The market badly needs a lender to fill in the gaps, especially for the self employed and those who the prime market will not touch

  2. Excellent news. Not all ‘sub prime’ lending was irresponsible!!!
    There is a genuine need for this type of product and hopefully it’s success will tempt other lenders to follow.
    Opening up the market again and targeting the groups that have been discriminated against over the past few years is a very positive step. Good luck!

  3. This is welcome news and I agree that there is definitely a gap waiting to be filled. The self-employed are much maligned in todays lending environment so good luck with the launch.

  4. Think about self employed middle England,this much favoured tax blood line for all goverments. The last 18 months have left this high grade tax payer in debt both business and personal,needing a desperate short term cash injection to pay off short term financial drains. This breed have been overlooked by lenders as soon as you reach financial difficulties you are a leper!! Letting the queen bees die will cause major goverment income streams to fall short in the future. SAVE MIDDLE ENGLAND !!!

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