Precise Mortgages gains FSA approval

26 October 2010 | By Natalie Thomas

Ian Lonergan, CEO of Precise Mortgages, says it has 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.

He says:”‘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, says: “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 says it will shortly be launching a new range of products for owner occupiers to complement its current buy-to-let range.  It also has plans to launch into new segments of the mortgage market early next year and it has identified good quality borrowers who have been starved of credit.

 

If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat