Precise Mortgages cuts product fees
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Precise Mortgages has slashed the product fee on its exclusive and semi exclusive mortgage products.
The fee has been cut from 3% to 1.5%. In addition, a suite of new buy-to-let products have been added to the range with product fees starting from 1%. There are also products with flat fees ranging from £1299, for those that need larger loans.
Alan Cleary, managing director of Precise Mortgages, says: “I have been speaking to lots of brokers over the last few weeks and listening to their feedback, many wanted more options on product fees so that is what we are giving them.”
Readers' comments (4)
Joe Broker | 19 Jul 2010 10:19 am
No chance that they were far too high in the first place then? Maybe next time talk to the brokers first...
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Alan Cleary | 19 Jul 2010 4:50 pm
I don't get Joe Broker’s comments.
Precise Mortgages is 100% dedicated to intermediaries. This is in stark contrast to several lenders lined up to enter the market who will not work with intermediaries and at least one Top 5 lender that would love the intermediary market to disappear altogether.
On top of that, Precise Mortgages is bringing new liquidity to the UK mortgage market, something which has been sadly lacking for the last three years. Without new money retail deposit based lenders will be unable to grow the size of the market and this will have a direct result on broker numbers and their earning potential.
With this in mind, maybe a bit of support is more appropriate.
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Tom Cleary | 20 Jul 2010 11:33 am
Alan, I can assure you that the cast majority of Mortgage Brokers are very supportive and grateful for what you have achieved with Precise. Don't let one "Glass half full" merchant bother you.
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Anonymous | 20 Jul 2010 2:50 pm
A fee of 3% is too high and it is not surprising it needed to be cut.
I expect that the fee has been cut due to lack of support for the product – as to the comment that brokers should be supporting the company as it is introducer only, products need to stand on their own merit.
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