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All may not be lost for rejected clients

ALAN CLEARY, MANAGING DIRECTOR, PRECISE MORTGAGES
ALAN CLEARY, MANAGING DIRECTOR, PRECISE MORTGAGES

Our recent launch of mortgage products into the home owner space has been supported by a mix of broker feedback and research we have conducted.

We are focussing on borrowers who would have traditionally been served by high street lenders, but due to the tightening of lending policy and lack of funding, they find themselves effectively unable to get a mortgage.

Our research has identified over 500,000 borrowers who are in this category and the research we have carried out with brokers paints a similar picture.

The broker survey was based on 365 responses and one highlight was that 42.1% of intermediaries said that they had seen a large decrease in the ability to place this kind of borrower over the last six months.

And 63.6% of respondents said that the borrowers struggling to get mortgages from high street lenders were more likely to be self-employed.

A whopping 92.7% of brokers said that products currently on the market for this type of borrower did not meet their needs.

The unique proposition we have is that our scorecards have been built to cater for borrowers who might struggle to get mortgages on the high street and our systems give a decision in principle in minutes.

So if you have borrowers who fit our criteria and have been recently declined by a big lender, it will only take a few minutes to see if we will do the deal.

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  • Ancient Wisdom...is a mortgage broker in N3 3rd December 2010 at 3:26 pm

    The rates and pricing is awful at precise mortgages – combined with an underwriting criteria of a high street cautious lender.

    Come on Mr Cleary, who are you trying to kid here with your mortgage deals?…(oh, except brokers can earn a good commission off you)…

    75% Max LTV, LIBOR margins, reversion rates of 5.99% and 6.29%! – no need to add us on your panel – I would hardly use you, if at all.

  • Dan McGeehan 30th November 2010 at 10:18 am

    Whilst it is true that a good number of borrowers now fit into this category the offering from Precise is very poor. The criteria is broadly similar to the existing 3 or 4 lenders in this area and only offering tracker rates for 3 years given that rates could rise in this time is not a great option. I can only hope that this stimulates competition from the likes of kensington to broaden their criteria slightly to maintain market share.