Ian Lonergan, CEO says:
“Over the last two years a fundamental mortgage shortfall has developed as lenders have exited the market, rebuilt their balance sheets, restricted their lending volume and focused on very low credit risks.
"There is therefore a significant need for new lenders to bring new funding to the UK mortgage market. Precise Mortgages has access to funding and we will bring extra liquidity to the market. Others will hopefully follow our lead and over time will help fill the funding gap that is damaging the overall economy.”
The launch of the new lender follows an extremely successful period for the team during which they have analysed over £5bn of mortgages for multiple clients and have successfully launched a new third party mortgage servicing platform.
Alan Cleary MD says:
“Over the past two years we’ve been watching the market at very close quarters and we’ve seen how conditions have changed on the ground. We have developed a deep understanding and insight into mortgage credit risk post credit crunch and the foundations of Precise Mortgages are built on this experience.
"We aim to generate high quality mortgage loans and the knowledge we have gained of the current market – alongside the considerable experience we have in originating mortgages, will stand us in extremely good stead”
The lender will be taking applications from today and is initially distributing through a controlled panel of intermediaries made up of L&G Mortgage Club, Mortgage Intelligence and Mortgage Next.
Cleary concluded:
“We will be 100% focused on the intermediary market. There will be no dual pricing or split loyalties at Precise Mortgages.”
Colin Snowdon, Chief Executive, Residential Mortgages, Aldermore said:
"Today's news that the Exact mortgage servicing team is launching a buy to let lending business is good news for both brokers and borrowers.
"The buy to let sector needs additional funding and the launch of both Aldermore and Precise will be a welcome boost to a sector which has suffered from an undersupply of funding for far too long. My best wishes go Alan Cleary and his team - I have no doubt that both our businesses will help to shape the future of the UK mortgage market."
Legal & General signs deal with Precise Mortgages
