View more on these topics

Precise Mortgages’ parent plans launch of savings bank

Charter Court Financial Services, the parent company of Precise Mortgages, will launch a savings bank after being given a banking licence.

The new brand, which will be called Charter Savings Bank and launch in the first half of 2015, will offer savings products online and over the phone. Mortgage products will continue to be offered through the Precise brand.

Precise Mortgages managing director Alan Cleary says the addition of a savings bank to the CCFS stable will give Precise a new source of funding. He says: “This is good news for our intermediary partners and borrowers as being part of a bank gives us access to further funding sources, which will help us to continue with our strategy of helping those borrowers underserved by high-street lenders.

“Precise Mortgages’ strategy remains unchanged by this announcement.”

CCFS has appointed former Halifax chief operating officer for mortgages Philip Jenks as chairman while former Leeds BS chief executive Ian Ward has been named vice-chairman and will oversee the savings arm of CSB.

Tim Brooke, formerly a partner of PWC who has held senior positions at several retail banks, joins the board and will oversee the bank’s risk functions. Ian Wilson also joins as chief risk officer.

CCFS chief executive Ian Lonergan says: “We see the development of a retail banking proposition as a logical extension for our business, enabling it to diversify into new markets and build a sustainable and competitive business model for the future.”



Former GE Money sales head launches online second charge broker

Former GE Money Home Loans national sales director Paul McGerrigan has launched a digital second charge broker.  The Manchester-based company, called, sources loans of between £5,000 and £1,000,000, and the online proposition takes customers through a five-step process from application to payout. Prior to starting, McGerrigan was the owner of Irish portfolio management […]


60 seconds with…Phil Jeynes, head of sales and marketing, UnderwriteMe

How do you think the recent mergers of Aviva/Friends Life and AIG/Ageas UK will affect the protection market? Will we see more deals like this? On one hand, nobody likes to see potential job losses or a reduction in competition. On the other, the possibility of big, global players such as AIG, Aviva and Discovery […]


Santander launches its lowest ever two-year fix

Santander has launched its lowest-ever two-year fixed rate. The product, available to 60 per cent LTV, is priced at 1.59 per cent and is available to remortgage customers only. It has a £1,495 fee. Santander has also made substantial reductions to its two Help to Buy mortgage guarantee products. Its two-year fix has been cut […]


News and expert analysis straight to your inbox

Sign up